THURSDAY 17 SEPTEMBER 2015 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Faith healer Unfinished Symphony Putin’s play

Can Pope Francis restore unity to Bloomberg’s status as the king of data is Russia’s puzzling foray into
the US church? — BIG READ, PAGE 11 under serious threat — JOHN GAPPER, PAGE 13 Syria — NOTEBOOK, PAGE 12

AB InBev eyes SABMiller takeover Briefing

to create $275bn ‘megabrewer’

i Facebook at Work put to work
Facebook is expanding Facebook at Work, its secure
office-focused product, into hundreds more
companies as it tries to win subscription revenue
from corporate customers.— PAGE 17

i Pay and prices help households prosper

3 Combination would make third of the world’s beers 3 October 14 deadline for formal offer
JAMES FONTANELLA-KHAN — NEW YORK
ARASH MASSOUDI AND
SCHEHERAZADE DANESHKHU — LONDON
Anheuser-Busch InBev, the world’s larg-
est brewer, is exploring a takeover of
rival SABMiller in a deal that would
create a $275bn company responsible
for one out of every three beers pro-
duced globally.
A tie-up between the owner of
Budweiser and Stella Artois and the
group behind Peroni and Grolsch,
dubbed “megabrew”, would rank as one
of the six largest takeovers in history
and the biggest in a year that was
already the strongest for blockbuster
deals since 2007.
It would mark the latest stage of a
remarkable consolidation in the global
brewing industry driven by a group of
Brazilian investors led by Jorge Paulo
Lemann. They are the founders of 3G
Capital, the Brazilian private equity
group that has been buying up US food
companies such as Heinz, Kraft and
Burger King — sometimes with the sup-
port of investor Warren Buffett.
A series of deals over the past decade
have transformed AB InBev and SAB-
Miller into the world’s two biggest brew-
ers. They, along with Heineken and
Carlsberg, make half the world’s beer.
Ironically, the industry has consoli-
dated just as consumer tastes in beer are
fragmenting. Big brewers face a
challenge from craft beer, popular with
millennial and younger drinkers who
reject what they perceive as the bland
offerings of the big multinationals.
SABMiller said yesterday that it had
been informed that AB InBev intended
to make a bid proposal for the company
but it had not received any proposal or
details about its terms.
“The board of SABMiller will review
and respond as appropriate to any pro-
posal which might be made,” it said after
the Financial Times told the company it
intended to report the approach.
Under rules guiding takeovers in the
UK, AB InBev has until 5pm on October
14 to make a firm offer to SABMiller.
British workers saw their pay increase at its fastest
rate in six years, and with inflation around zero, the
wage growth figures mean households are starting
AB InBev brands SABMiller brands to see strong real income gains.— PAGE 2
i Carroll to make her mining comeback
Cynthia Carroll is to join Vedanta
Resources, the India-based mining
and oil group, where she will work on
strategy with Tom Albanese, former
chief executive of Rio Tinto.— PAGE 20;
LOMBARD, PAGE 24
i Cameron plays it cool in Corbyn duel
David Cameron maintained a sober demeanour in
his first Commons duel with the new Labour leader,
as the Tories seek to use Jeremy Corbyn to inflict
harm on his own party.— NEWS & SKETCH, PAGE 2
i News Corp in £114m Unruly offer
News Corp is to pay up to £114m for London
technology start-up Unruly, in the biggest UK
acquisition by Rupert Murdoch since the phone-
hacking scandal.— PAGE 17
i Price fall hurts Norway’s oil capital
The sometimes fractious relationship between
Stavanger and the Norwegian government has seen
fissures open with the collapse in oil prices having
Global beer market share by volume (%) led to a rise in unemployment in the city.— PAGE 10
Anheuser-Busch SABMiller i Hope for emerging market currencies
InBev
9.7 The view that the bottom may be nearing for
20.8 emerging market currencies is being driven by
anticipation of a Fed rate rise, a feeling of
undervaluation and a sense of exhaustion at the
Profits 2015 Revenues 2015 Profits 2015 † Revenues 2015 † scale of the rout.— PAGE 32
Others
$13.4bn * $45.1bn *
Sources: Bloomberg; Euromonitor *estimate †Year ending March 31
69.5 $4.8bn $22.1bn Datawatch
Global beer consumption
AB InBev confirmed that it had made law firm Freshfields. SABMiller is work- beer market through a joint venture Litres per capita, 2014 The Germans are
an approach, saying its intention was “to ing with advisers at Robey Warshaw, with China Resources Enterprise, the heaviest
work with SABMiller’s board toward a JPMorgan Chase, Morgan Stanley and known as CR Snow, while AB InBev has a Germany per-capita beer
US consumers among
AB InBev is recommended transaction”. lawyers at Linklaters. 15 per cent share of the Chinese market. UK
Brazil large economies.
Shares in SABMiller shot up 20 per Given the size of the two companies, Trevor Stirling, analyst at Bernstein,
hoping to cent to £36.14 in London, giving it a AB InBev would have to agree to divesti- said the US Department of Justice would
Russia
Mexico
They drink about
four times the
work with market capitalisation of £58.5bn tures to obtain regulatory approval for a almost certainly insist on the disposal of Japan
China amount imbibed
($90.7bn). SABMiller has net debt of deal in multiple countries, including the SABMiller’s stake in MillerCoors but
SABMiller about £7.5bn. AB InBev shares closed up US and China. added that Molson Coors could be a will-
France
India
by the French and
roughly 50 per
towards a 6.4 per cent at €100.50, valuing its SABMiller has a near-30 per cent ing purchaser. Indonesia cent more than
equity at €161.6bn ($182.6bn). share of the US beer market via Miller- Lex page 16 0 20 40 60 80 100 the British or
friendly AB InBev is being advised by Lazard, Coors, its joint venture with Molson News and analysis page 18 Source: Euromonitor Americans
transaction the independent investment bank, and Coors. It also has 23 per cent of China’s Lombard page 24

US rate rise harder to justify nine years on

Javid — from backstreet
to business secretary
Two pictures hang on the wall in Sajid
Javid’s office: one is a portrait of
Margaret Thatcher, the second is of a
street in Rochdale, where his father
settled as an immigrant from Pakistan.
Together they explain the motivation
that has propelled the son of a bus
driver from a childhood in Bristol’s
Stapleton Road, once described as
Britain’s worst street, to a seat at
David Cameron’s cabinet table.
Interview & Export challenge i PAGE 3
John
Authers
The last time the Federal Reserve raised
its target interest rate, the decision did
not seem such a big deal. It was June 29,
2006, US inflation was running at 4 per
cent, stock markets had been rising
unremarkably for 18 months, and
everybody knew the rise was coming.
The Fed’s brief communique, in
which it removed its customary com-
mitment to raise again at its next meet-
ing, was enough to prompt a big
rebound for stock markets.
This was in the jargon being used
ahead of today’s meeting, a “dovish
hike” — a rise accompanied by hints it
need not be followed by another.
It is highly unlikely that a rise this
week, after increasingly feverish specu-
lation, would be greeted so calmly. To
see why, see how the world has changed
in the intervening nine years.
Then, the Fed’s governors reported,
with fateful understatement, there was
“a gradual cooling of the housing mar-
ket”. That gradual cooling turned into a
crash for housing prices that sparked
the deepest credit crisis in almost a cen-
tury, and an unprecedented monetary
stimulus in response. There were plenty
of precedents to guide the Fed then;
there are few or none now.
US consumer price inflation, double
the 2 per cent target then, now stands at
0.2 per cent. Unemployment was lower
then than now. These are the two key
targets of the Fed’s official mandate, and
make a rise far harder to justify now.
The commodity “supercycle” has
turned since 2006. In the ensuing two
years oil prices doubled. Then they
crashed. They are now a third lower
than they were that June. The pressure,
if anything, is towards deflation. The
effervescent growth from emerging
markets is now lacking. They have given
up their gains, with investors preoccu-
pied by the risk of a slowdown in China.
A final issue is that bond markets
have changed. Banks’ near-death expe-
rience during the crisis, and the subse-
quent imposition of far heavier regula-
tion, has left the dealers who drive the
market for bonds with far less capacity,
even as far more debt has been issued to
take advantage of persistent lower rates.
Recent swings in bond yields, for little
apparent reason, emphasise that a dou-
bling of rates could create a dispropor-
tionate reaction as sellers fail to find
willing buyers. In such circumstances,
the fact of a rate rise could overwhelm
any reassuring accompanying message.
The last rate rise was “dovish” — achiev-
ing the same again will be far harder.
Global factors for rate setters page 8
Letters page 12
Close call on rate rise page 34

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9 770307 176531
2 ★★★ FINANCIAL TIMES Thursday 17 September 2015

NATIONAL

Pay levels Arms industry

Earnings grow at fastest rate for six years Soldiers must

Traders start to bring
forward expectations of
when BoE may raise rates
EMILY CADMAN
British workers are seeing their pay
increase at its fastest rate in six years, in
the latest sign that employees are
regaining their bargaining power.
Sterling firmed against both the dollar
and euro as traders started to bring for-
ward expectations of when the Bank of
England may raise rates. The bank is
watching the labour market closely for
inflationary pressures building.
John Philpott, director of consultancy
The Jobs Economist, said it was clear the
labour market had “changed tack”,
reversing a trend of rapid growth in
poorly paid jobs. “This provides further
evidence that the much-needed
improvement in labour productivity
may at last be under way,” he said.
Average weekly earnings, excluding
bonuses, increased by 2.9 per cent in the
quarter to April, the most rapid increase
since 2009, according to official statistics
yesterday. Earnings including bonuses
also rose by 2.9 per cent and private sec-
tor pay rose even faster,by3.7percent.
With inflation around zero, the wage
growth figures mean households are
finally starting to see strong real income
gains, even if it will take a number of
years to return to pre-crisis peaks.
Michael Martins, an economic analyst
at the Institute of Directors, said that it
was “hard to find a negative story” in the
Prime minister’s questions. Corbyn debut
data, adding: “Real pay growth has
become entrenched and the rate of
unemployment has stabilised.”
Hours worked fell by 0.4 per cent in
the three months to July, and with the
overall economy growing at 0.7 per cent
in the second quarter, this implies levels
of output per worker are rising, making
pay rises more sustainable. Martin Beck,
a senior economic adviser to the fore-
casting group EY Item Club, said that the
figures “point to a Goldilocks jobs mar-
ket—nottoohotandnottoocold”.
On the implications for interest rates,
markets had pushed out their expecta-
tionsforthefirstrisetoAugustnextyear,
but most City economists are forecasting
thefirstupwardmoveinthespring.
In a sign that the UK is still solidly gen-
erating jobs, albeit not at the same rapid
pace as previously, the unemployment
rate remained broadly stable at 5.5 per
cent. It has been within 0.1 per cent of
this level for the past five months.
But the number of unemployed rose
by 10,000, in a reminder that while slow-
ing employment growth should help
improve productivity and maintain
wage growth, it will make things harder
for those entering the jobs market, par-
ticularly at the bottom end. While
The figures ‘point to
a Goldilocks jobs
market — not too hot
and not too cold’
recruiters have been reporting for
months that at the skilled end of the
market companies have been struggling
to fill posts, the BoE’s latest report, also
out yesterday, said that lower skilled
roleswerestill“relativelyeasy”tofill.
The big unknown is what the new
higher minimum wage for over-25s in
April will do to the hiring plans of corpo-
rates in the retail and hospitality sec-
tors, which employ a high proportion of
lower-skilled workers.
In the public sector, the headcount fell
toitslowest sincethedataseriesbeganin
1999. With the government committed
to capping public sector pay, Matthew
Whittaker, chief economist of the Reso-
lution Foundation, warned pay growth
wouldbecomeincreasinglyunequal.
Editorial Comment page 12
‘take lead’ in
overseas sales
of weapons
SAM JONES AND PEGGY HOLLINGER
Britain’s soldiers must become sales-
men for UK arms abroad, according to
plans drawn up by the Ministry of
Defence to promote exports and help
keep the defence industry afloat.
The armed forces will “take the lead” on
the government’s efforts to sell
Typhoon fighter jets and complex
munitions such as advanced missiles to
foreign buyers, defence secretary
Michael Fallon announced yesterday.
“What’s good for our economy is good
for our national security,” Mr Fallon told
attendees at the Defence and Security
Equipment International exhibition in
London — one of the world’s largest
arms fairs.
The idea of salesmen-soldiers has

Cameron shows respect in ploy to kill Labour brand
Premier shuns personal
attacks to focus on policies
backed by leftwing leader
GEORGE PARKER AND JIM PICKARD
David Cameron’s first Commons duel
with Jeremy Corbyn was a revealing
indication of the tactical respect and
courtesy the prime minister intends to
deploy against his new opponent — for
now at least.
Mr Cameron’s allies said the prime
minister intended to “play the ball, not
the man”, focusing on the “security
threat” posed by Mr Corbyn’s policies on
the economy and defence, not personal
attacks.
On the face of it, Mr Cameron’s
restraint at prime minister’s questions
was surprising. After all, Mr Corbyn had
spent the previous 24 hours fighting off
criticism of his failure to sing the
national anthem at a Battle of Britain
commemoration.
After a day of criticism from the
media, the armed forces and some
Labour figures, Mr Corbyn said he
‘We don’t want [Corbyn]
to be seen as the victim
of bullying,’ one Tory
minister said
would “take part fully” in such events in
future. Aides explained that meant he
would sing the anthem.
Meanwhile, Mr Corbyn’s struggle to
maintain shadow cabinet unity on
issues including a welfare cap and
Europe continued. He tried to end days
of confusion on the latter by saying
Labour would not campaign for a
“Brexit” under his leadership. “No, I
don’t see that position,” he told the BBC.
Mr Cameron’s sober demeanour and
the subdued behaviour of Conservative
MPs does not therefore reflect a lack of
political opportunity; rather, it is the
public face of a Tory strategy to use
Mr Corbyn to inflict harm on Labour.
The first element is to treat Mr Cor-
byn with respect, an acknowledgment
that the Labour leader is a product of a
profound anti-politics mood in the
Fresh approach: country, disdainful of spin and boorish
Jeremy Corbyn, behaviour in the House of Commons.
Labour leader, “We don’t want him to be seen as the
in the Commons victim of bullying,” said one Tory minis-
yesterday said ter, reflecting advice to Mr Cameron to
prime minister’s avoid any “Flashman-style” attacks.
questions had Mr Corbyn’s courteous style and
become too refusal to engage in personality politics
‘theatrical’ makes him a difficult target in the Com-
AFP/Getty
mons; the public might respond badly to
him becoming a target for ridicule or
mockery.
Instead, Mr Cameron and George
Osborne are planning to attack the
Labour leader’s policies, with a focus on
the threat they say he poses to the “secu-
rity” of Britain and the economic well-
being of families.
Their strategy is to argue that Mr Cor-
byn is not some eccentric aberration to
be attacked as an individual; rather, that
his overwhelming mandate as leader
proves he now represents mainstream
Labour thinking.
Mr Osborne is particularly deter-
mined to make sure that Mr Corbyn’s
failings damage the entire Labour
brand.
“It particularly irks George that when
John Major’s government fell, it dam-
aged the whole Tory party brand,” says
one ally of the chancellor.
“That didn’t happen in the case of
Gordon Brown or Ed Miliband. They
were viewed as failures by the voters —
or people thought that Labour was
tired and needed a break from power —
but they didn’t tarnish the Labour
brand.”
According to Mr Osborne’s theory, the
longer Mr Corbyn remains in place, the
more damage he will do to Labour. Try-
ing to take out the Labour leader now
would be counter-productive.
Conservative MPs have been
instructed not to gloat at Labour’s
predicament and ministers are
deployed to intone gravely that Mr Cor-
byn is a credible future prime minister.
More on ft.com But, as one senior Tory MP admitted
FT political this week: “That’s not what they’re say-
editor George ing in private.”
Parker, Business
for Britain chief Mr Corbyn’s solid performance at
Matthew Elliott prime minister’s question time settled
and Labour MP some Labour nerves after a chaotic
Graham Allen 72 hours of policy divisions, media
talk to Daniel mishaps and allegations of a lack of
Garrahan about patriotism.
whether a Brexit Yet, some four days after his appoint-
is more likely now
Jeremy Corbyn is ment, Mr Corbyn was still trying to
Labour leader finalise his ministerial team. “How can
ft.com/video
we sign up when we don’t know what
our policy is?” asked one Labour MP.
been floated by British defence manda-
rins before — largely as part of efforts to
carve out new responsibilities and for-
eign engagement roles for officers at a
time of fewer military deployments
abroad and reduced operational
demands on the forces.
The concept has until now been met
with stiff resistance from elsewhere in
government and in the military itself,
however. Foreign Office officials are
sceptical as to the diplomatic savvy of
their military counterparts while oth-
ers’ in government worry over the
implications when it comes to sensitive
commercial contracts and possible con-
flicts of interest.
“A lot of military officers are also hos-
tile to the idea that they should be sales-
men for British industry,” said James de
Waal, senior fellow at the think-tank
Chatham House.
“They think of it as a distraction from
what they should be doing. From a pol-
icy point of view it could also end up dis-
torting the priorities of the govern-
ment’s international relationships,” Mr
de Waal added. “The interests of indus-
try is in industry. Those are not neces-
sarily the same as the interests of
defence, politics or national security.”
At the moment, British arms exports
are championed by UK Trade and
Investment, a government body which
has a number of military and MoD offi-
cials embedded within it. Business sec-
retary Sajid Javid plans to overhaul the
organisation, which has a patchy record
in promoting sales. Many in govern-
ment lament its engagement compared
with that of rivals that have significant
arms exports, such as France.
The participation of British armed
forces in training missions with foreign
buyers of British weaponry has some
support within the forces.
“It’s a unique calling card,” said one
senior army officer. “Often the idea of
training with British forces using some
new piece of kit is as much of a sales
point as the kit itself.”
One particular country of focus for
British officers as part of the new deal
will probably be Saudi Arabia: there are
still hopes that the kingdom will put in a
further order for Typhoons.
“Unquestionably this is a positive
step,” said Paul Everitt, chief executive
of ADS, the UK defence industry trade
group.
The key question for the future,
though, Mr Everitt said, would be
whether the government took a simi-
larly proactive approach on solely UK
defence projects, as opposed to interna-
tional collaborations like Typhoon.

Veteran brings
T
his was not prime minister’s time to ask 40,000 questions today” — I would say to Stephen is . . .” Mr Cor-
A private bank unlike questions. This was Marie’s, but he did select half a dozen. byn’s shortcoming was that while Marie,
any other.
Stephen’s, Paul’s, Claire’s, Marie, via the hirsute medium of Mr Stephen, Paul, Claire, Gail and Angela
new kind of Gail’sandAngela’squestions.
But before Jeremy Corbyn
Corbyn, asked the prime minister what
he intended to do “about a chronic lack
are presumably lovely people, they are
not particularly good at asking ques-

gesture politics put to David Cameron six of the 40,000

queries emailed to him by members of
the public, he looked around at a packed
of affordable housing and the extortion-
ate rents charged by some private sector
landlords in this country?” Stephen also
tions that will hold the prime minister to
account. Perhaps they will be content to
receive answers that could have been
chamber giddy with curiosity. The inquired about housing. Paul and Claire read from a departmental press release,
Labour leader seemed curious, too. His probed Mr Cameron on his cuts to tax but, in time, Labour supporters may
face wore a look of bemusement, as if he credits. Gail and Angela, present in want to see Mr Cameron being seriously
30 global locations • www.efginternational.com
had only just been reminded that he had spirit if not in person, asked what the tested by rigorous, detailed queries.
entered a competition that he had prime minister was doing to improve But that time is not now. Those who
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) ended up winning. mental health. All of these are impor- supported Mr Corbyn took part in a
FINANCIAL TIMES newspaper in any manner is not permitted without At the dispatch box, however, Mr Cor- mass exercise in what political scientists
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
byn was calm, thanking those who had call “expressive voting”, or the political
Published by: The Financial Times Limited,
‘Financial Times’ and ‘FT’ are registered trade marks
of The Financial Times Limited. voted for him in “an enormous demo-
Cameron rattled off all equivalent of the selfie. By voting for
Number One Southwark Bridge,
London SE1 9 HL, United Kingdom.
The Financial Times adheres to a self-regulation
regime under the FT Editorial Code of Practice:
cratic exercise”. He said that many peo- the ways his government him they reclaimed their political ego, a
ple had told him “that they thought that more important result than any that
Tel: 020 7873 3000; Fax: 020 7407 5700
Editor: Lionel Barber
www.ft.com/editorialcode
PMQs was too theatrical”, before begin-
was not in fact evil and was might occur in a general election.
Reprints ning his own understated display of doing lots of nice things At PMQs yesterday, the Labour leader
Subscriptions and Customer service: Are available of any FT article with your company political theatre. continued to use himself as a means to
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Executive appointments: FT Cityline much as they were voting for the man. prime minister to have answers to may speak for six or even 40,000 people
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to They are the “we” that the Labour important questions on important at PMQs, but will he be willing and able

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cost 75p/min. leader refers to in his speeches. They are issues. He rattled off all of the ways his to speak to those outside the “we”? The
also the reason why Mr Corbyn government was not in fact evil and was Labour leader won because many on the
Newspapers support recycling announced that he would do PMQs in a doing lots of nice things. left feel that Labour has become
The recycled paper content of UK newspapers in
2014 was 78.5% John “slightly different way”. With all the
genuine regret of a man who enjoys
And being the professional politician
that he is, Mr Cameron of course made
unrooted from its natural place in politi-
cal life. Unfortunately for those in the
McDermott four-hour meetings about community
allotments, he admitted that “there isn’t
sure he played along. “Let me answer
Marie’s question,” he said. Later: “What
Labour party who seek power, that nat-
ural place is opposition.
Thursday 17 September 2015 ★ FINANCIAL TIMES 3

NATIONAL

Small-state Thatcherite Javid pledges

Departmental shake-up

to make deregulation his business
Cable’s successor shies away from intervention and has rocky relationship with employers’ lobby
ELIZABETH RIGBY AND GEORGE PARKER
Two pictures hang on the wall in Sajid
Javid’s office: one is a portrait of his
political heroine, Margaret Thatcher,
the second is of an old street scene of
Rochdale, where his father first settled
as an immigrant from Pakistan.
Together they explain the motivation
that has propelled the 45 year-old son of
a bus driver from a childhood in Bristol’s
Stapleton Road, once described as Brit-
ain’s worst street, to a seat at David Cam-
eron’s cabinet table as business secre-
tary.
Rochdale is a reminder of his father
Abdul’s modest beginnings when he
came to Britain in 1961 with £1 in his
pocket, earning the nickname “Mr
Night and Day” because of his work rate.
As for Thatcher, it was her privatisation
programme of the 1980s that gave the
former banker his appetite for capital-
ism, borrowing money from his father’s
bank manager to buy shares.
A deregulatory Conservative who is a
“passionate believer in free enterprise”,
this self-made millionaire at first glance
looked like a far more likely bedfellow
for big business than Vince Cable, who
began his tenure as business secretary
with an attack on City “spivs and gam-
blers” and “corporate excess”.
But in reality it has been a less com-
fortable partnership. Already big busi-
‘The camp I’m in is
working for these reforms
and putting them to the
British people’
ness and Mr Javid have traded blows
over the impending EU referendum
while decisions to introduce a new
£9-an-hour national minimum wage
and apprenticeship levy have alarmed
many in the private sector.
Sitting on a deep brown sofa in his
office, Mr Javid pits himself as a
defender of business against those in his
government who argue that many com-
panies have not done enough to raise
productivity and wages.
“Two million jobs created, a growth
rate today which is the highest of any
major advanced country. This has hap-
pened not just because of a government
that understands what it needs to do to
stabilise the economy, but because busi-
ness has actually taken on the chal-
lenge.”
But he has very different ideas from
his predecessor about how to support
business. While Mr Cable was instinc-
tively interventionist, Mr Javid is ideo-
logically a small-state Thatcherite.
On deregulation, Mr Javid is an enthu-
siastic exponent of the coalition govern-
ment’s efforts to reduce red tape: he has
put cutting a further £10bn of regulation
at the heart of his enterprise bill and
plans to extend deregulation targets to
regulators.
He is far more circumspect when it
comes to Mr Cable’s expansive “indus-
trial strategy”, the cornerstone of the
former Liberal Democrat minister’s ten-
ure, to champion key sectors such as the
motor and aerospace industries.
“I don’t particularly like the word
strategy coupled with industrial,” he
explains. “I thought it created an impres-
sion that there are certain sectors that
the government wants to do well and
other sectors it couldn’t care about, and
of course that’s not the case . . . inter-
nallyIuseindustrialapproach,”headds.
Business figures are confident the
business secretary is “in a better place”
over industrial policy, but on Europe the
relationship remains strained.
Business is unsure where Mr Javid
Instinctively sits in the debate after he pointedly
interventionist: rebuked the CBI employers’ organisa-
Javid’s tion this year for its slavish enthusiasm
predecessor, for the EU.
Vince Cable Mr Javid is unrepentant: “My key
message was to say if you agree with me
that we should have reform and you
want to stay in a reformed European
Union, then one way to help us in that
process is to focus on the reforms and
how you can bring those about, not
move forward to the referendum and
which way you might vote.”
But while Mr Cameron and George
Osborne, the chancellor, are expected to
campaign to stay in the EU, the business
secretary pointedly refuses to be drawn
on which way he might go.
“The camp I’m in is working for these
reforms and putting them to the British
people and letting them decide,” Mr
Javid says.
“We’ll work hard for these reforms
and hope that they bring about the
changes that we want, but ultimately
nothing is off the table.”
What Mr Javid is clear about is that
the relationship between his depart-
ment and the wider business commu-
nity will have to change in the next five
years as he models for cuts of 25 per cent
and 40 per cent in his £18bn budget
ahead of November’s spending review.
Sajid Javid: “We are absolutely committed to
‘I don’t making sure the government’s books
particularly are balanced,” says Mr Javid, who has in
like the word his sights further education funding and
strategy coupled “arm’s length” partner bodies such as
with industrial’ research councils, the insolvency serv-
Anna Gordon
ice and UK Trade & Investment.
“After the absolute right decision to
say we’re going to protect defence
spending, my department became the
largest unprotected department. So of
course being in that position I have to
look to make savings.
“I have to look at making tough deci-
sions. I don’t relish that in any way,” he
says.
Business secretary after only five
years in parliament and a key ally of Mr
Osborne, Mr Javid is viewed by some as
the next chancellor-in-waiting should
Mr Osborne succeed Mr Cameron as
prime minister and party leader ahead
of the 2020 election.
From Stapleton Road to No 11, would
he like that job? “It’s not up to me,” says
Mr Javid. “I’m really happy doing the job
I’m doing. That’ll be a decision for some-
one else.”
Trade arm
faces overhaul
in attempt to
tackle exports
‘challenge’
ELIZABETH RIGBY AND GEORGE PARKER
Sajid Javid is to overhaul Britain’s trade
arm in an attempt to energise the coun-
try’s export drive, amid claims of poor
morale and unstable leadership at UK
Trade and Investment.
The business secretary admitted the
export market remained a “challenge”
and said he was taking a “fresh look” at
UKTI, whose staff were invited yester-
day to apply for a voluntary “exit
scheme”.
Mr Javid, who is also leading the gov-
ernment’s new export task force, is sig-
nificantly redistributing the work of
UKTI as sectoral exports are reassigned
to individual government departments.
The government wants to whittle
back the 450 staff in London and insid-
ers admitted morale in the body was
“very poor”, exacerbated by a lack of
stable leadership for a number of years.
Dominic Jermey abruptly quit as chief
executive last month after less than two
years in the post. He was replaced by
Catherine Raines, the director-general
for UKTI in China, who has a back-
ground in the pharmaceutical sector.
Francis Maude, the trade minister, is
‘I can’t say what [UKTI] is
going to look like at the
end, but it will be more
focused and more efficient’
looking to bring more private sector
expertise to the organisation.
The restructuring comes amid warn-
ings that the pledge by Chancellor
George Osborne to double annual
exports to £1tn by 2020 is off track. The
British Chambers of Commerce esti-
mates that milestone will not be hit until
2034 at current growth rates.
“The general goal is how do you make
it more efficient? How can you make it
moretargeted?”MrJavid said.
“Why is it that in some countries their
SMEsector,ifyoutakeItaly,France,Ger-
many, export a lot more than the British
SME sector? That’s a particular chal-
lengeforus.
“I can’t tell you what [UKTI] is going
to look like at the end, but it will be more
focused and more efficient.”
Mr Javid, who is joining a trade mis-
sion to China next week with Mr
Osborne, said he wanted all government
departments to play a bigger role in pro-
moting trade.
“That might mean aligning UKTI peo-
ple from various sectors more with other
departments,” he said. “If that’s what we
needtodo,that’swhatwewilldo.”
Mr Javid said that Mr Maude was “the
perfect man” to overhaul the organisa-
tion because of his background in both
business and the public sector.

Bank of England. Independence fear Data bill revival

State auditors eye supervisory role on Threadneedle Street May seeks surveillance law
As central bank powers expand,
the Treasury is consulting on
who will guard the guardians
FERDINANDO GIUGLIANO
ECONOMICS CORRESPONDENT
Now that the Bank of England’s powers
extend well beyond interest rates to
areas such as bank supervision, the gov-
ernment is grappling with a tricky ques-
tion: who will guard Britain’s monetary
guardians?
The latest answer is in the Bank of
England bill, which the Treasury is con-
sulting on. It is expected to reach parlia-
ment in the autumn. In its present form,
the law would allow the National Audit
Office to conduct value-for-money
studies on part of the bank’s operations.
Britain’s state auditors oversee all
areas of government, including the Pru-
dential Regulation Authority, which will
be folded into the bank as part of the
same bill. But never in its history has the
NAO been allowed through the doors of
Threadneedle Street.
The reason is the bank’s much-cov-
eted independence, widely seen as vital
for competent economic management.
While the Treasury’s consultation docu-
ment explicitly mentions an exemption
from auditors’ supervision for the
bank’s policy decisions, BoE officials
have expressed fears that the bill could
still lead to excessive interference.
In a parliamentary hearing last week,
Anthony Habgood, chairman of the BoE
Court of Directors, said that unless the
backing from internet groups
exemption was sufficiently wide, the bill
posed a “potential threat to the carefully
constructed independence of the policy
functions of the bank”.
Central bank-watchers say the con-
troversy reflects a tension between the
independence of technocratic institu-
tions, such as central banks, and their
accountability to the public. “Independ-
ent central banks need to be accounta-
ble in a democratic system,” said Rosa
Lastra, professor of international finan-
cial and monetary law at Queen Mary
University in London. “Such accounta-
bility should be diversified, encompass-
ing parliamentary accountability, judi-
cial review and audit control.”
Labour appointment
Carney defends
BoE’s autonomy
Mark Carney has defended the
operational independence of the Bank
of England, following the appointment
of a Labour shadow chancellor who
advocates ending its autonomy.
The BoE governor told the
Commons Treasury select committee
the UK had the “right model”.
His comments come after John
McDonnell was appointed shadow
chancellor by Jeremy Corbyn. Mr
McDonnell would like to end the BoE’s
independence, granted in 1997.
“The construct here, with a central
bank that has operational
independence to achieve a mandate
Bank officials are subject to several
layers of accountability. The first is the
court, which acts as a unitary board of
directors and oversees the bank’s corpo-
rate strategy, taking the most important
decisions on appointments and resourc-
ing. The bank is also accountable to par-
liament, with the Treasury committee
holding regular hearings, including with
newly appointed members of the Mone-
tary Policy Committee.
Most importantly, the chancellor
appoints the governor and sets the man-
date the MPC has to meet on a yearly
basis — currently a 2 per cent inflation
target. The governor has to write a letter
of explanation whenever the rate devi-
that is defined by parliament, is the
right model,” Mr Carney told MPs.
The governor acknowledged that
the Bank of England Act allowed the
chancellor to instruct the BoE to
undertake certain monetary policy
operations. But he said this was only
possible under extreme economic
circumstances and did not happen
even during the financial crisis.
Mr Carney also opposed the idea
that the BoE should adopt a more
aggressive approach to quantitative
easing. It bought corporate bonds in
the early stage of the crisis, but has
since taken a more orthodox stance,
only purchasing gilts. Mr Corbyn has
made the case for People’s QE:
printing money for a national
investment bank to fund capital
projects. Ferdinando Giugliano
ates by more than 1 percentage point
from this objective.
The Treasury also holds a reserve
power to give the bank orders on mone-
tary policy in the case of extreme eco-
nomic circumstances, but these orders
have to be backed by a parliamentary
vote within 28 days.
“The Bank of England is a well-
designed central bank because its remit
is set by the government,” said Grégory
Claeys, a research fellow at Bruegel, a
think-tank. “The BoE is not independ-
ent of government, but independent
within the government.”
The case for central bank accountabil-
ity has become more pressing after the
financial crisis, when global monetary
institutions unleashed extraordinary
measures, such as large-scale asset pur-
chases, which took them beyond tradi-
tional policy boundaries. Some central
banks, including the BoE and the Euro-
pean Central Bank, have also entered
more directly the area of supervision,
leaving in some cases what experts have
dubbedan“auditdeficit”.
A key point is what exactly auditors
are allowed to scrutinise. According to
the Treasury consultation, the NAO will
not be able to conduct a financial audit of
the bank; that will continue to be the
preserve of a large accountancy firm.
Experts believe it is vital that policy is
kept separate from auditing — just as the
Treasuryisproposing.
While in principle it may be reasona-
ble for the NAO to question whether a
certain area of the bank is overstaffed,
this could be seen as interfering with the
judgment of rate-setters or supervisors.
DANIEL THOMAS, ROBERT COOKSON
AND HELEN WARRELL
Britain’s largest internet providers and
US technology groups are being con-
sulted as the Home Office seeks sup-
port for surveillance legislation that
has been dubbed a “snooper’s charter”
by critics.
The proposals, to be set out in the com-
munications data bill, are intended to
help police and security services com-
bat terror threats and serious crime by
compelling companies to collect and
retain information about internet users.
Attempts by Theresa May, home sec-
retary, to introduce this legislation in
the last parliament collapsed due to Lib-
eral Democrat concerns about civil lib-
erties infringements and unresolved
questions about safeguards.
However, Ms May is determined to
revive the plans and on Tuesday sum-
moned companies including BT, Voda-
fone, Virgin Media, EE and TalkTalk to a
meeting ahead of the new draft legisla-
tion being published later this autumn.
Technology groups including Google
have been called into a separate meeting
today, and civil liberties campaigners
are also being consulted.
One source familiar with the discus-
sions said the government was trying
“to prevent the sort of fiasco last time
around, when the bill was attempted to
be rushed through”.
The person added: “Theresa May has
a very narrow window to do it. They
want to put a bill in front of the house in
October that is workable in its first
draft.”
During Tuesday’s meeting, the com-
panies were asked their views on how to
make the bill work in practice. It is
expected to require internet groups and
telecoms companies to record and hold
details of internet history, voice calls,
and messaging services for 12 months.
While civil liberties campaigners have
warned this legislation would infringe
citizens’ privacy, the companies being
required to gather and store data have
warned about practical difficulties.
Executives at telecoms groups
One person close to the
talks said providers were
ready to agree to the
proposals in principle
expressed worries about the cost of stor-
ing such large amounts of data, as well
as the impact on customer trust given
the extent of the information they hold.
Discussion also raised questions about
civil liberties, and executives flagged the
need for strong judicial oversight.
One person close to the talks said
service providers were ready to agree to
the proposals in principle, but raised
questions about the timeframe, costs
and compliance. There are larger ques-
tions about whether it will be possible
for technology groups such as Google,
Facebook and WhatsApp to comply.
4 ★ FINANCIAL TIMES Thursday 17 September 2015

NATIONAL

Higher education

Universities face legal duty to counter radicalisation

Prime minister in drive to
compel institutions to vet
‘hate speakers’ on campus
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT
Universities are to face a new legal duty
to stop students being radicalised and to
tackle gender segregation on campuses,
under a government drive to make aca-
demic institutions responsible for pro-
tecting “impressionable young minds”
from the lure of extremism.
The announcement comes as David
Cameron is preparing to chair a meeting
of his extremism task force, set up two
years ago to combat the threat of radi-
calisation after the murder of Fusilier
Lee Rigby by two Islamist terrorists in
south-east London.
“All public institutions have a role to
play in rooting out and challenging
extremism,” the prime minister said
ahead of today’s summit. “It is not about
oppressing free speech or stifling aca-
demic freedom, it is about making sure
that radical views and ideas are not
given the oxygen they need to flourish.
“Schools, universities and colleges,
more than anywhere else, have a duty to
protect impressionable minds and
ensure that our young are given every
opportunity to reach their potential.”
The measures, which are to come into
force this month, will require universi-
ties to vet speakers and ensure that
those espousing extremist views are
countered by an alternative argument
put forward at the same event.
Higher education bodies will also
need to train staff to identify and sup-
port youngsters at risk of radicalisation.
Any institutions resisting will be com-
pelled to comply by a court order.
At least 70 events featuring so-called
hate speakers were held on university
campuses last year, according to the
government’s Extremism Analysis Unit.
Downing Street said that most of these
occurred at four London institutions:
Queen Mary University, King’s College,
the School of Oriental and African Stud-
ies, and Kingston University. Events
included the hosting of six speakers who
are on record as expressing views “con-
trary to British values”.
Earlier this summer, ministers intro-
‘Schools, universities
and colleges have a
duty to protect
impressionable minds’
duced wide-ranging powers to ensure
that public bodies including councils,
prisons, health trusts and schools were
placed under a statutory duty to prevent
people being drawn into terrorism.
However, under the coalition Theresa
May, home secretary, was forced to
abandon proposals that would have
forced universities to ban extremists
from speaking on campuses, after the
Liberal Democrats raised fears that this
would impede freedom of speech.
Concerns over the radicalisation of
students at school and university have
grown as increasing numbers of young-
sters from Britain have joined terrorists
in Syria and Iraq. Some reports have
also suggested that Mohammed
Emwazi, the suspected Islamist mur-
derer known as “Jihadi John”, may
have been radicalised while studying in
London.
Responding to the prime minister,
Nicola Dandridge, chief executive of
Universities UK, said that higher educa-
tion institutions had an important role
to play in both preventing violent
extremism and promoting free speech.
“Universities have strong partner-
ships with the police and security serv-
ices and have engaged with the govern-
ment’s Prevent strategy for a number of
years,” Ms Dandridge said. “This new
duty is a continuation of that work.”

Brexit. Referendum

Small companies divided over Britain’s place in Europe

Of 6,300 groups quizzed, 47%
Case
say they will vote to stay in study
the EU, while 41% want to quit
SARAH GORDON — BUSINESS EDITOR Haulage chief bemoans
“I think the word I would use about it is
lack of information
trepidation,” says Eric Simpson, who
runs a small business just outside Leeds
providing new and recycled furniture to “We’re going at it at half-cock, not
offices and charities. knowing what the true facts are,” says
The “it” in question is the looming ref- Richard Higginbottom. “We need to
erendum on Britain’s membership of have some form of impartial advice.”
the EU, and Mr Simpson’s trepidation is Mr Higginbottom says his business
not unusual. Research commissioned as a fuel merchant and road haulage
by the Federation of Small Businesses company near Northampton would not
has found deep divisions among the be affected “one way or another” if
UK’s smaller companies about the coun- Britain left the EU, but the future state
try’s place in Europe, as well as concerns of the economy would.
about the lack of impartial information He does not feel he is getting
on the subject. information he needs about the
“The fundamental point is [that] potential costs and benefits of a Brexit
what the EU is about for your business, before deciding what to vote.
[and] the wider economy, isn’t there. “It’s so easy to make a knee-jerk
That information needs to be provided,” reaction to this whole thing,
says Mike Cherry, FSB policy director. particularly with what is going on with
Findings from 6,300 of the FSB’s migration, but that’s the wrong way to
members nationwide in June and July Chris Ratcliffe/Bloomberg
make a decision,” he says. “We all know
suggest that while 47 per cent would the anecdotes about the EU, about the
vote for the UK to remain a member of What helps inform your view on the EU? England divided The UK’s membership of straight bananas, but that’s not the
the EU, 41 per cent would vote No, and % of UK FSB respondents How would you vote in an EU referendum today?* (%) the EU is beneficial for* right way to make a decision.”
nearly 11 per cent are undecided. No Undecided Yes (stay in) Per cent Even in the absence of more
If the undecideds all voted one way, 0 10 20 30 40 50 60 70 Disagree Neither Agree information, though, Mr Higginbottom
London 34.3 55.4
and the results were replicated across TV, radio says there is no doubt that the EU
the electorate, this would be enough to North-East 38.3 51.3 needs “drastic” revision.
Press/printed media The UK
swing the outcome. South-East 41.3 47.6 21.4 13.0 11.3 17.6 32.9 His company employs three people
Digital media economy
The survey is published as business Eastern 42.6 47.2 and he says the implementation and
slowly comes to terms with a Conserva- Government monitoring of the working-time
Business groups South-West 42.0 45.9 directive generates an “unbelievable”
North-West My amount of work for him.
‘Everybody has a collective Family/friends 42.3 44.7
business
29 11.6 22.1 14.0 20.9
The government’s perceived “gold
Work colleagues/peers Small businesses in the regions
responsibility to ensure Social media
below would vote to leave the EU plating” of regulations is similarly
burdensome. “The EU gets the blame
that a lot of the hype . . . Other
West Midlands
Yorkshire &
47.0 41.3
Me as an for it when to a certain extent our own
31.2 12.0 15.6 15.5 23.3
is sifted through’ Not interested in EU the Humber 47.8 40.1 individual government is to blame,” he says. “But
East Midlands 48.7 37.8 we’re lumbered with unwieldy
Source: survey of 6,263 Federation of Small Business members, Jun-Jul 2015 * Excluding those not planning to vote/not eligible/rather not say * Excluding those responding ‘don’t know’ bureaucratic taxation.” Sarah Gordon

tive government that has, so far, seemed
keener on shifting costs to the private
sector than in cosseting its support base
there.
FSB members’ opinion is split in other
ways as well. Women were more likely
to vote for continued membership, as
were exporters to or importers from the
EU, those who employ non-UK EU
nationals or were based in Scotland,
London or Northern Ireland. The
research also found, if voting today,
small businesses in three regions would
choose to leave the EU: the West Mid-
lands, the East Midlands and Yorkshire
and the Humber. In all regions, unde-
cided voters would be able to swing the
result in either direction.
While more than 40 per cent of mem-
bers expect that withdrawing from the
EU would have a “very” or “somewhat”
damaging effect on their business, more
“There are 56 words in the Lord’s
Case Prayer, 297 in the Ten Commandments
study and 1,300 words in the American
Declaration of Independence. And from
Brussels, there are 27,000 words in a
Owner of directive on duck eggs.”
The words are those of the late
office industrialist Lord Hanson, but
furniture businessman Eric Simpson thinks they
company are as relevant now as when he heard
laments them 30 years ago.
“Any entrepreneur [prays] that the
myriad government, any government, will stay
directives away from your business,” says Mr
Simpson, who runs an office furniture
recycling business just outside Leeds.
He bemoans how “top-heavy” the EU
has become and the “heavy hammer” of
paperwork for companies such as his.
Hills Office Furniture employs 22, and
Mr Simpson says he simply does not
have the facilities to comply with all the
EU form-filling.
“We just get lots and lots of directives
asking us to provide this, and provide
that. And if we don’t fill the forms in, we
get fined.”
Mr Simpson says that, if Britain left
the EU, he would like to see the country
follow the example of Switzerland,
which is doing “a fantastic job”.
But, like many other small business
owners, he says he can see the
arguments for both sides on EU
membership and believes that, while
staying may not benefit companies like
his, it would be better for the country as
a whole.
“We should stay because it’s better to
be a team rather than an individual; it’s
better to party with your neighbours.”
Sarah Gordon
than a fifth think remaining inside The finding puts into context a bitter
would be worse. More than a third of House of Commons debate over the
members believe either staying or going “purdah” rules that will stop the govern-
will have no effect on their business. ment campaigning on Brexit in the
Mr Cherry says that a consistent immediate run-up to a referendum.
theme of the research was a lack of If the UK stays in the EU, just a quarter
understanding among small business of of FSB respondents want the terms of
the costs and benefits of membership membership to remain unchanged,
and a demand for better and more unbi- while more than a third want powers
ased information. “Everybody has a col- transferred back to the UK.
lective responsibility to ensure that a lot As in the countdown to the referen-
of the hype around remaining in or leav- dum on Scottish independence last
ing is sifted through,” he says. autumn, the boundaries between pri-
Fewer than half the FSB members vate and professional views were
surveyed said they felt informed about blurred. Verve Partners, which under-
the referendum from the point of view took the research on behalf of the FSB,
of their business, and many expressed a said that factors influencing small com-
desire for more neutral information. pany owners’ voting decisions were not
Nearly three-quarters said television exclusively business related.
and radio helped inform their view, with “For many, the business and the per-
only a third saying the government pro- sonal viewpoint are hard in practice to
vided useful information. separate,” it said.

Website advice Chambers of commerce

Treasury loses role in pensions guide service
JOSEPHINE CUMBO
PENSIONS CORRESPONDENT
The Treasury is relinquishing its role
overseeing the government-backed
Pension Wise guidance service, as its
minister faces scrutiny over take-up.
Giving evidence to an MP probe yester-
day, Harriett Baldwin, economic secre-
tary to the Treasury, said that responsi-
bility for the service would transfer to
the Department of Work and Pensions
this financial year.
Pension Wise was launched in April to
offer free guidance to over-55s as they
were given freedom to spend their
defined contribution pension savings as
they wished. But its launch has been
dogged by concerns that not enough
people were booking appointments.
Ms Baldwin told the pensions com-
mittee that supervision of Pension Wise
was shifting to the DWP as the service
moved into a “steady state”.
“The government established Pen-
sion Wise to ensure that people who are
able to access their pension flexibly
have the information and guidance they
need to make considered decisions,” she
said. “The launch of the service has been
a success, with over 90 per cent of cus-
tomers who completed the exit survey
reporting that they are satisfied or very
satisfied following an appointment.
“In line with the committee’s previous
recommendation, Pension Wise will be
transferred from theTreasurytoDWP.”
The news came as the minister
defended the Treasury’s delivery of the
service, which has seen only 20,000
people take up appointments since
April. This was in contrast with evi-
dence given to the committee by the
Financial Conduct Authority, that more
than 200,000, or 70,000 a month, had
taken up pension reforms since April,
with 120,000 savers accessing cash.
Ms Baldwin disputed a suggestion
from the committee that only a small
number had used Pension Wise, saying
the website, which provides informa-
tion but not guidance, had received
1.5m visits since April. The FCA said it
would do more work on charges in the
drawdown market, which has seen
rapid grown since the reforms, and
“take action where necessary”.
The comment from David Geale,
director of policy with the FCA, followed
a question from the committee about
complex charging structures for draw-
down products. “Our rules require firms
to set out clearly charges, so there
shouldn’t be any surprises for consum-
ers,” said Mr Geale. “Clearly, some firms
do that better than others.”
Regions push for northern powerhouse
CHRIS TIGHE AND SARAH GORDON
November’s spending review is an
opportunity for the government to
make its northern powerhouse rheto-
ric a reality by tackling obstacles to
growth as an economic priority, say the
region’s chambers of commerce.
In a joint submission, the nine chambers
representing most of northern Eng-
land’s population centres argue that in
many crucial areas policy is geared
towards economic priorities in the
south-east.
“We see a big opportunity in the
northern powerhouse concept,” said
Ross Smith, policy director at the North
East Chamber of Commerce, one of the
nine. “We want to encourage the chan-
cellor to push it as far as he can.”
The north’s economy, according to the
chambers, represents one quarter of the
UK’s, and the issues hampering its
growth must not, they insist, be left in a
“regional policy niche”.
The chambers’ recommendations
include more investment in transport
infrastructure, which they argue mas-
sively favours London because of an
excessive emphasis on relieving conges-
tion. On energy, they recommend con-
nection charges to the National Grid be
equalised. Present transmission charges
for connection are cheaper in the south.
Because of the older populations of
many parts of the north, the chambers
advocate skills funding for over-25s
rather than emphasising people aged 16
to 18.
They also want to lift restrictions on
international students staying to work
in disadvantaged areas where there is
less population pressure.
Other issues included funding for
social housing, property tax, air passen-
ger duty and inward investment.
The nine chambers jointly represent
16,000 businesses, together employing
1.4m people. They cover areas including
Liverpool, Manchester, Yorkshire and
north-east England.
The CBI, in its submission to the gov-
ernment, says spending on infrastruc-
ture, innovation, education skills and
exports must be protected from cuts.
The employers’ group said it had
identified £16.3bn of savings over the
next five years that could be imple-
mented by government. The CBI sug-
gested ministers should strengthen the
Government Property Unit and bring
more “commercial acumen” to building
and land sales; extend shared services
among government departments and
seek productivity improvements in the
National Health Service.
Thursday 17 September 2015 ★ FINANCIAL TIMES 5
6 ★★★
France
Hollande seeks growth with more tax breaks
President’s initiative will
be funded by spending
cuts to meet deficit targets
ANNE-SYLVAINE CHASSANY — PARIS
François Hollande is ramping up tax
breaks and public spending cuts for
France next year, cementing the
Socialist president’s conversion to sup-
ply-side solutions as he seeks to rekindle
growth in the eurozone’s second-largest
economy.
France’s budget for 2016, to be
detailed in a fortnight, will include €2bn
in tax breaks for the middle class on top
of €3bn already doled out over the past
two years. About 8m households, repre-
senting two-thirds of French taxpayers,
Xi state visit
Obama warns
Chinese on
cyber spying
DEMETRI SEVASTOPULO AND GINA CHON
WASHINGTON
President Barack Obama has warned
that his administration is preparing
measures to counter Chinese cyber
commercial espionage, in a shot across
the bow as President Xi Jinping pre-
pares to visit the US.
Speaking to the Business Roundtable in
Washington, Mr Obama said cyber espi-
onage would “probably be one of the
biggest topics that I discuss with Presi-
dent Xi”. The US president said he
accepted that China and other nations,
including the US, would pursue tradi-
tional espionage, such as trying to
obtain transcripts of his conversations,
but stressed that stealing commercial
secrets was “an act of aggression that
has to stop”.
“We are preparing a number of meas-
ures that will indicate to the Chinese
that this is not just a matter of us being
mildly upset, but is something that will
put significant strains on the bilateral
relationship if not resolved and that we
are prepared to take some countervail-
ing actions in order to get their atten-
tion,” Mr Obama told business leaders.
Mr Obama’s comments come a week
before Mr Xi will make his first state
visit to the US. In recent weeks, US offi-
cials have signalled that the White
House is preparing to sanction Chinese
companies that have gained from cyber
commercial espionage. But there has
been a tough debate inside the adminis-
tration about whether to unveil the
measures before the Xi visit.
Proponents of imposing the sanctions
ahead of the visit argue that it would
show China that the US is serious about
the issue. But some officials have argued
that announcing sanctions in advance
would be seen as an aggressive move
that would embarrass Mr Xi.
This month, officials suggested that
Mr Obama would approve the sanctions
before the visit, but the impetus for that
timing seems to have waned in recent
days. A top-level delegation of Chinese
officials visited Washington last week
for cyber-related talks, which followed
an earlier visit by Susan Rice, the US
national security adviser, to Beijing.
Josh Earnest, White House press sec-
retary, earlier this week described the
talks as having been “pretty blunt”.
People familiar with the debate said
the state department had been vocal in
pushing for such a move to be delayed
until after the visit, while law enforce-
ment agencies want to see action before-
hand. However, a final resolution on the
timing has not yet been reached.
Contracts & Tenders
would see their tax bill decrease next
year, Michel Sapin, finance minister,
said yesterday.
The measures will come on top of
€9bn worth of tax breaks and other gifts
for companies that were part of a €41bn
package that runs from 2014 to 2017,
when the next presidential election
takes place.
These initiatives — and any extra
costs that may arise, including a pledge
to take 24,000 refugees from the Middle
East — would be funded through cuts in
other parts of government to meet defi-
cit targets previously agreed with the
European Commission, Mr Sapin
vowed. “We’re meeting our commit-
ments. We are staying the course.”
The measures reflect the realisation
by Mr Hollande of the political and eco-
Human rights
On patrol: government soldiers in north-eastern Sri Lanka during the two-decade civil war — John Moore/Getty
UN calls for judges to probe Sri Lanka war ‘crimes’
JAMES CRABTREE — MUMBAI
A UN human rights report has found
evidence “strongly indicating” crimes
against humanity were committed
during Sri Lanka’s two-decade civil
war, and called for a “hybrid” court
involving international judges to inves-
tigate the claims.
The UN Human Rights Council’s call for
an investigation “integrating interna-
tional judges, prosecutors, lawyers and
investigators” marks an implicit rejec-
tion of plans by Sri Lanka to launch a
purely domestic probe into war
crimes allegations.
Global human rights groups have long
accused Sri Lanka of covering up evi-
dence of atrocities committed during
the closing stages of the conflict, which
ended in a crushing victory for govern-
ment forces over the Tamil Tiger rebels
in 2009, when as many as 40,000 civil-
ians were estimated to have been killed.
The US and other western powers
repeatedly pressed Mahinda Rajapaksa,
Sri Lanka’s former president — who
lost in elections earlier this year — to
investigate the claims before asking
FINANCIAL TIMES
INTERNATIONAL
nomic cost of his decision to raise levies
by €11bn immediately after being
elected in 2012. Economic stagnation,
record high unemployment and mount-
ing discontent over taxes have trans-
lated into repeated electoral beatings
for the Socialists since then.
Mr Hollande abruptly shifted course
in 2014 when, to his own camp’s sur-
prise, he embraced €41bn worth of tax
breaks to restore businesses’ bruised
margins. The latest batch of cuts for
households is designed, less than two
years before the presidential elections,
to soothe low to middle-class voters who
still resent the initial tax rises.
To some extent Mr Hollande appears
to be following in the footsteps of his
mentor, François Mitterrand, who in
1983 embarked on a sudden austerity
the UN to launch an independent inves-
tigation.
Zeid Ra’ad al-Hussein, UN high com-
missioner for human rights, said the
report, published yesterday, revealed
“serious crimes of concern to the inter-
national community as a whole”.
“Our investigation has laid bare the
horrific level of violations and abuses
that occurred in Sri Lanka, including
indiscriminate shelling, extrajudicial
killings, enforced disappearances, har-
rowing accounts of torture and sexual
violence, recruitment of children and
other grave crimes,” he said.
The report details crimes committed
by both sides during the conflict, and
accuses the government of “years of
denials and cover-ups”.
However, it stops short of referring
those involved to the International
Criminal Court in The Hague, as the UN
did in a report concerning North Korea.
It also does not provide details of
names of individuals involved in alleged
war crimes, or the role played by Mr
Rajapaksa as commander-in-chief of Sri
Lanka’s armed forces.
The UN report is viewed as a global
Luxembourg grilling
Juncker expected to avoid damage over sweetheart tax deals
JIM BRUNSDEN — BRUSSELS
Jean-Claude Juncker will today appear
before a European Parliament commit-
tee for a prosaic session meant to
explore ways of improving corporate
tax transparency in the EU.
But the bigger news is that Mr Juncker,
commission president, is not expected
to receive much of a grilling over the
sweetheart tax deals Luxembourg
granted to hundreds of multinational
companies during his leadership.
His apparent success at putting the
scandal to rest after 10 months in his
new job is a testament to Mr Juncker’s
political alliances, nurtured over a long
European career, and the parliament’s
own backroom power-sharing agree-
ment.
“It was always part of the plan of the
large political groups [in the European
shift after a two-year public spending
frenzy.
“In the beginning, the belief in the
state’s almighty power to revive the
economy underpinned François Hol-
lande’s decisions,” said Philippe Waech-
ter, chief economist at Natixis Asset
Management. “In the past two years,
there’s a realisation that you need to give
companies and households more free-
dom, more financial margins to fuel
growth, something that seemed to have
been forgotten since 1983.”
The government is betting on 1.5 per
cent growth next year, an estimate
Mr Sapin described as “prudent”, and
building on the at least 1 per cent it is
forecasting this year. Public spending,
which stands at 56 per cent of gross
domestic product, is expected to
test case for the ability of western pow-
ers to enforce human rights norms
while establishing precedents on the
rules of warfare, including the role of
human shields in conflict zones.
Hopes have been raised that Sri
Lanka will move forward with a full
investigation of its wartime past, includ-
ing allegations that government troops
shelled civilians sheltering in “no fire”
zones during the final days of fighting —
claims the UN report backs.
This week, Sri Lanka’s new govern-
ment, led by President Maithripala
Sirisena, pledged to set up a South Afri-
can-style “truth, justice, reconciliation
Mahinda
Rajapaksa:
was pushed
to look into
claims
Parliament] . . . to avoid having Mr
Juncker in the line of fire,’’ said Markus
Ferber, a German MEP from the same
centre-right political family as Mr
Juncker. The parliament’s hearing, he
added, would not “seriously damage the
commission president”.
The so-called LuxLeaks revelations
emerged just days after Mr Juncker
became commission president in
November, and dogged his early days in
office. They documented how, during
his two decades as Luxembourg prime
minister, as many as 340 multinational
companies, ranging from Ikea to
PepsiCo, funnelled profits through the
tiny country to lower their tax bills to as
little as 1 per cent.
The scandal was particularly resonant
at a time of rising populist anger in
Europe.
Mr Juncker has always denied being
decrease to 55 per cent in 2016, still well
above the 48 per cent eurozone average.
Mr Sapin indicated he was counting
on lower interest payments and
increased efforts to fight tax evasion to
help pay for the measures. He said
France would narrow its deficit to 3.8
per cent of GDP this year and 3.3 per
cent in 2016.
Some analysts said the budget failed
to get to grips with deeper problems
afflicting the French economy. “There’s
an effort to be more efficient . . . but
there’s no structural changes,” said
Gilles Moec, chief European economist
at Bank of America Merrill Lynch. “The
government is delaying tough choices
on France’s sprawling welfare state. This
is no surprise two years before the presi-
dential elections.”
and non-recurrence” commission and
introduce a new constitution to pave the
way for the body’s introduction.
Yesterday, Sri Lanka issued a formal
response noting the UN report but mak-
ing no mention of its “hybrid” proposal
or war crimes allegations. Until, now Sri
Lanka has rejected suggestions of inter-
national participation in the running of
its investigation.
The UN rejects the suggestion that Sri
Lanka can carry out a domestic inquiry,
citing problems of witness protection,
along with an inadequate legal frame-
work and justice system.
“The unfortunate reality is that Sri
Lanka’s criminal justice system is not
yet ready,” the report said.
Jehan Perera, director of the National
Peace Council of Sri Lanka, said calls
for an investigation involving inter-
national judges would cause political
controversy.
“My sense is the government will not
accept a hybrid model in which interna-
tional judges are decision makers rather
than observers or advisers, because it is
politically and legally very difficult to do
that,” he said.
the architect of Luxembourg’s tax sys-
tem. Although he met tax experts from
US technology companies, he has
insisted any deals were signed off by an
independent authority and that the tax
regime was part of a trend for countries
seeking to be competitive.
Mr Ferber and some other MEPs have
pushed for the committee, whose man-
date covers corporate tax avoidance
across the EU, to be given formal powers
to probe the political decision-making
behind tax arrangements that, in the
case of Luxembourg, also benefited the
likes of Amazon and Apple.
But leaders of the largest parliamen-
tary groups, the centre-right European
People’s party, which includes Juncker’s
Christian Social People’s party, and the
Socialists and Democrats, declined to
support this.
The EPP and the Socialists are loosely
Thursday 17 September 2015
Military build-up
Pentagon
uncertain
about Putin’s
aims in Syria
GEOFF DYER — WASHINGTON
The most senior US general in the Mid-
dle East said yesterday that the Penta-
gon did not know what Russia’s inten-
tions were in Syria even as Moscow
builds up what the US believes to be a
new air base in the country.
General Lloyd Austin, of US Central
Command, told a Senate hearing the
Pentagon was still trying to assess what
the objective was behind the increase in
Russia’s military presence in Syria.
The admission shows that, at the very
least, Russian leader Vladimir Putin has
succeeded in keeping everyone guessing
about the military and diplomatic goals
behind the upsurge in Russian equip-
ment going to Syria.
US secretary of state John Kerry said
later yesterday that the administration
was considering a Russian proposal for
direct military talks about the conflict
in Syria. The purpose would be “to
deconflict with respect to any potential
risks that might be run and to have a
complete and clear understanding as to
the road ahead and what the intentions
are,” he said.
US officials are concerned about the
possibility of an accident involving Rus-
sian and US aircraft in Syria.
The enhanced Russian presence
comes as the US plan to develop a force
to take on jihadi groups is in disarray.
Also, the White House is debating
whether Barack Obama should meet Mr
Putin when both presidents are at the
UN this month, which would end a year
of personal estrangement over Ukraine.
The Pentagon reckons Russia is build-
‘Putin is a serial
opportunist and this
is classic Putin
opportunism’
ing a “forward-operating air base” near
Latakia in western Syria and that there
has been a “steady flow” of equipment
for two weeks. Defence officials also say
Russia has brought in armoured vehi-
cles and artillery.
“Putin may be more nervous about
the stability of the Assad regime and
they may be trying to shore it up,” said
Christine Wormuth, undersecretary for
defence policy. She added that the US
did not believe the “regime is in imme-
diate danger of falling”.
John McCain, the Republican senator
who chairs the armed services commit-
tee, said the reported Russian build-up
in Syria was “an expansion of Russian
power in the Middle East that we have
not seen in four decades” and would
allow Moscow to “prop up” Assad and
“play kingmaker in any transition”.
He added: “As in Ukraine and else-
where, he perceives the administra-
tion’s inaction and caution as weakness
and is taking advantage.”
Andrew Weiss, a former White House
official now at the Carnegie Endowment
for International Peace in Washington,
said: “Putin is a serial opportunist and
this is classic Putin opportunism.”
He was sceptical about Russia’s will-
ingness to begin fighting on the ground,
given the risks involved.
In the latest admission about the mea-
gre state of US efforts to train a force of
“moderate” Syrians to take on Islamic
State of Iraq and the Levant (Isis), Gen-
eral Austin said there were only “four or
five” such soldiers involved in fighting at
the moment in Syria.
He acknowledged that the Pentagon
had opened an inquiry into claims that
officers manipulated intelligence to
show the campaign was going well.
Notebook page 12
attached in what Brussels calls its
“grand coalition”, an understanding
that was personally cemented by Mr
Juncker and parliament president Mar-
tin Schulz, the German social democrat.
Mr Schulz has insisted that a more US-
style committee investigation would be
beyond the assembly’s powers. How-
ever, his decision to back Mr Juncker has
ruffled feathers in Berlin.
Senior members of his own party
believe the tax affair is a legitimate
political issue that raises questions
about the centre-right’s close ties to cor-
porate interests.
EU antitrust authorities are probing
Luxembourg’s agreements with both
Amazon and Fiat as part of an investiga-
tion into whether they broke the EU’s
strict state aid rules.
Additional reporting by Peter Spiegel in
Brussels
Thursday 17 September 2015 ★ FINANCIAL TIMES 7
8 ★
Global factors
weigh on Fed
rate setters
Futures prices suggest one-in-four
likelihood of quarter-point increase
SAM FLEMING — WASHINGTON and stock market interventions has
fanned worries that China is facing a
When Janet Yellen last spoke in July, she serious slowdown. This has already led
sounded like a Federal Reserve chair to lower commodity prices, which could
who was ready to take action. America weigh further on US inflation, as, cru-
was on course for higher interest rates cially, could the dollar’s strength. On top
this year, in a move that would under- of this, Ms Yellen has suggested that she
score its recovery, she told Congress. would take note if market-implied infla-
Since then global factors have made tion expectations sank, something that
the outcome of today’s meeting more has happened in recent weeks.
clouded. Futures prices suggest a 25 per As an ancillary issue, US government
cent likelihood of a quarter-point rate shutdown worries weighed on the
rise, as investors argue that last month’s FOMC in September 2013, but in the
upsurge in financial markets, a higher event the economy did not suffer badly.
dollar, weak inflation and wage numbers
and worries about a Chinese slowdown What signals may FOMC give?
will convince the Federal Open Market Investors will welcome some clarity.
Committee todonothing. The most likely outcomes are that the
Fed stays on hold while keeping a rise on
What could convince Fed to rise? the table in 2015, or that it raises rates
The case hangs on the domestic US stating that further tightening will be
economy. The Fed has set itself twin gradual.
tests of seeing continued improvement If a “hawkish hold”, the FOMC would
in the jobs market and having confi- keep rates at near-zero but signal that a
dence in inflation returning to target possible move in October or (more
before it starts to lift rates. likely) December remains on the cards.
The jobs front is strong. The labour If a “dovish rise”, rates will rise by a
market is at full employment, judged by quarter-point but the FOMC may sug-
Fed estimates, with unemployment gest no more moves will come in 2015,
closing in on 5 per cent, the bottom end and that further rises will be gradual.
of the estimate for the long-term jobless This could be signalled via the so-
rate of 5-5.2 per cent. The Fed thinks called “dot plot” showing Fed policy-
unemployment is the best single indica- makers’ interest rate expectations, cou-
tor of labour market slack, and that is pled with soothing language.
fast disappearing. Wages and inflation
What about the Fed’s forecasts?
may not be that far away from picking
up, suggest the Fed models, and that Growth figures for 2015 may be bumped
means interest rates need to start rising. up a little after a run of strong data,
While inflation and wages have while run-up in the dollar since June
remained low, Ms Yellen has said she may hit GDP growth in 2016, pulling Fed
does not need to see them accelerate in policymakers’ median estimates down
order to be confident that inflation is to 2.4 per cent growth, suggests JPMor-
heading back to 2 per cent. gan Chase. Jobless figures should be
stronger across the Fed’s forecast, given
WhydotradersthinkFedwill hold? the rapid pace of jobs market gains,
Given multiple uncertainties, the “wait while core inflation may be a tad softer
and see” option is undoubtedly attrac- next year because of the dollar.
tive to some Fed officials. Recent market The key forecasts to watch are Fed pol-
developments including the fall in icymakers’ interest rate projections. In
equity prices, rise in the dollar and wid- their June forecasts, only two officials
ening of credit spreads have led to a expected to wait until2016 toraiserates.
tightening of financial conditions that If the Fed stays on hold and that
could drag on US growth and inflation. number swells to four or more, it would
Tighter financial conditions were send a dovish signal, as would sharp falls
enough to stop the Fed from tapering its in rate predictions. Policymakers’
bond purchases in September 2013. expectation for the longer-run interest
They could be enough to swing the rate is expected to be shaved back a lit-
debate today. Further, Beijing’s mis- tle, from 3.75 per cent to 3.5 per cent.
management of its exchange rate policy
How would markets react?
Fed officials have done little in recent
Fed funds interest rate weeks to prepare the markets for a Sep-
projections from June tember rise. This is partly because the
Forecasts of individual policymakers central bank wants to avoid explicitly
on the FOMC (%) pre-committing itself on rate policy
5 (although that has not stopped Ms
Yellen from suggesting there will be a
4 rise in 2015).
3 That said, the Fed also does not like to
shock markets with an unexpected rise,
2 or be dictated to by markets. And what
matters more than the quarter-point
1
move is the subsequent trajectory of
0 interest rates. If the Fed increases but
2015 16 17 Longer indicates that subsequent tightening
run will be shallow, there may be some relief
Median
that uncertainty over the first rise has
Source: Federal Reserve
finally been dispelled.
FINANCIAL TIMES
INTERNATIONAL
Illuminating: the Federal Reserve building in Washington where the FOMC is meeting — Andrew Harrer/Bloomberg
Obama digs in over budget deal
President increases pressure
on Republicans for agreement
to end automatic cuts
BARNEY JOPSON — WASHINGTON
The White House is digging its heels in
ahead of expected budget talks on Capi-
tol Hill this year, insisting Republicans
help forge a deal that ends automatic
cuts to government spending.
Both parties dislike the painful cuts,
known as “sequestration”. But they will
continue into the final leg of the Obama
presidency unless Congress can over-
come partisan differences on how to
replace them.
The US faces a possible government
shutdown in three weeks as conserva-
tives try to wage war over abortion, but
if that threat is averted with a stopgap
extension of public funding it will pave
the way for a more substantive budget
debate, with sequestration at its core.
The automatic cuts are a long-term
worry for the White House because they
could undermine Barack Obama’s poli-
cies on many fronts.
The only way to eliminate them is via
the kind of budget deal that has eluded
Congress many times amid the bad
blood of recent years.
However, administration officials fear
that if they are not ended this year, they
will remain in place for the rest Mr
Obama’s presidency because all deal-
OECD trims growth forecast on back of China concerns
Paris-based group also warns
that EU is not fully benefiting
from commodities downturn
FERDINANDO GIUGLIANO
LONDON
The combination of a sharp contraction
in China and a shock in the financial
markets has the potential to derail the
global recovery, the OECD has cau-
tioned, as it trimmed its forecast for glo-
bal growth.
The Paris-based body also warned
that the eurozone was failing to reap the
full benefits from the steep fall in com-
modity prices and depreciation of the
euro, cutting its medium-term forecasts
despite a small improvement this year.
The warning follows a summer of tur-
moil on global markets, which have
swung wildly over worries about the
Chinese economy. The US Federal
Reserve is set to decide today whether to
increase interest rates for the first time
in nearly a decade, a choice that is add-
ing to the climate of uncertainty. In its
US Congress. Spending
making in Congress will be frozen in
2016 by the presidential election.
Mr Obama was yesterday expected to
make the case for Republicans to pass a
budget that reversed sequestration
when he spoke to chief executives at the
Business Roundtable, a Washington
trade group.
Already this month the president has
bemoaned how sequestration “just lops
things off whether it’s good or not for the
economy”. The budget cuts were
designed to deliver $1.2tn of savings
over 10 years from military and domes-
‘It just lops things off
whether it’s good or
not for the economy’
Barack Obama
tic spending, but they are not based on
any policy planning.
Harry Stein, director of fiscal policy at
the Center for American Progress, a
think-tank close to the White House,
said: “The sequester doesn’t only make
these really bad cuts. It constrains any
possibility to do something new and
innovative because you’re just trying to
keep the lights on.”
Both Republicans and Democrats
want to lift defence spending above the
sequestration caps via a budget deal.
But the “big dividing line” is over
domestic spending, says Mr Stein. Dem-
ocrats want equal dollar-for-dollar
Global economy. Markets risk
Interim Economic Outlook, the OECD
only marginally lowered its projections
for global growth from three months
ago, cutting its 2015 forecast from 3.1
per cent to 3 per cent and its 2016 pre-
diction from 3.8 per cent to 3.6 per cent.
US growth forecast for this year was
significantly increased from 2 per cent
to 2.4 per cent, while there was a steep
downgrade of the projection for Brazil,
which is now expected to contract
2.8 per cent in 2015 and 0.7 per cent next
year, about two percentage points lower
than predicted in June.
The OECD believes that the Chinese
authorities will be able to avoid a hard
landing and has reduced its growth fore-
casts for China both this year and the
next only marginally. However, it
warned that a sharp contraction in Chi-
nese internal demand, combined with a
large and widespread correction in glo-
bal markets would have the potential to
severely affect global economies.
“The key risk to global growth is a
larger than expected slowdown in
China. Combined with financial tur-
moil, potentially exacerbated by the
first tightening step in US monetary pol-
increases in defence and discretionary
domestic spending — which includes
education, infrastructure, environmen-
tal protection and unemployment bene-
fits. They are also ready to fund them
with higher taxes.
Republicans do not want more
domestic spending or tax rises. They
would like cuts in mandatory pro-
grammes such as Social Security and
Medicare. “We’ve always been open to
having a conversation to replace the
sequester,” said a spokesman for John
Boehner, the Republican Speaker of the
House of Representatives. “But in the
meantime Democrats are going to have
to get serious about cuts to mandatory
domestic spending.”
Sequestration was never meant to
happen. Congress created it in 2011 as
a back-up strategy for reducing the US
budget deficit, one designed to be so
crude it would force politicians to find a
better approach. However, they failed to
do so.
Cuts began gradually in March 2013,
then crashed into the spotlight the next
month when travellers suffered days of
delays as airport workers and air traffic
controllers were temporarily laid off.
Since early last year some of the most
painful cuts have been in abeyance
thanks to the Ryan-Murray budget, a
deal struck by Congress, which raised
spending caps for two fiscal years. But
that expires at the end of this month and
lower sequestration limits come back
into force in the new fiscal year.
icy, this would have serious repercus-
sions on the global economy,” it warned.
A decline in the growth rate of China’s
domestic demand by two percentage
points for two years, combined with a
reduction by 10 per cent in global equity
prices, would reduce global growth by
half a percentage point both in 2015 and
in 2016. The simulation does not, how-
ever, take into account second-round
effects, including a further decline in oil
2.8% 2.4%
Forecast Prediction for
contraction of growth in the US
Brazil‘s economy during 2015
prices and a possible response from the
monetary authorities around the world.
Among the world’s largest economies,
Japan would be affected most harshly,
with the euro area only weakening by
around 0.25 percentage point per year.
The OECD upgraded its growth fore-
cast for the eurozone for this year, rais-
ing it from 1.5 per cent to 1.6 per cent. It
cut medium-term projections, however,
Thursday 17 September 2015
Goldman Sachs
Blankfein
warns against
monetary
tightening
BEN MCLANNAHAN — NEW YORK
Lloyd Blankfein has added to a chorus
of voices advising the US Federal
Reserve to hold off from pushing up
interest rates, saying that the data did
not justify any tighter monetary condi-
tions.
The advice from the Goldman Sachs
chief executive, among the longest serv-
ing at the biggest US banks, comes on
the eve of one of the most keenly
awaited policy decisions by the central
bank since it last raised rates nearly a
decade ago.
Amid recent market wobbles and
mixed economic data, bank economists
have mostly pushed back predictions
for a rise in the Fed’s target rate, but still
some expect Janet Yellen, Fed chair, to
finally achieve “lift-off” today.
At a breakfast event at a hotel over-
looking Central Park in New York, Mr
Blankfein said that such a move would
be a mistake, as it would undermine the
Fed’s insistence that economic data are
its primary policy consideration.
“Everybody has visibility on every-
thing; if a decision [to increase rates]
gets made, it’s not because there’s a
tsunami of evidence of a quickening of
the recovery, or a tightening of labour or
an acceleration of inflation; it is almost a
question of wanting to get over that hur-
dle,” he said.
Such “soft” factors should not trump
“hard data evaluation”, he added. “And
the data evaluation isn’t compelling an
interest-rate rise at this point.”
Just under half of economists polled
by the FT this week expect the US
central bank to shift the current near-
zero band for overnight rates higher
when it concludes its two-day policy
meeting today.
The decision comes against a back-
drop of faltering global growth, led by a
slowdown in China, and heightened vol-
atility in financial markets.
But many argue that the US economy
is strong enough to withstand the first
rise in rates since 2006, making it the
first major economic bloc to set out on a
path of policy “normalisation” after the
global financial crisis.
But Mr Blankfein urged caution, not-
ing that there had been plenty of effec-
tive tightening in the US in recent years,
such as through income tax rises and the
narrowing of the budget deficit.
“The consequences of going too soon
and hurting the recovery are vastly dis-
proportionate to the consequences of
taking a bit more incremental inflation
risk, especially when you’re dealing
with deflationary risk like now and you
don’t have a lot of tools,” he said.
Mr Blankfein’s view is in line with
economists at Goldman, the most prof-
itable among the big six US banks. In
June they pushed back their expecta-
tions for when the Fed will lift rates from
September to December.
In a conversation with Gerry Baker,
editor-in-chief of the Wall Street Jour-
nal, the Goldman chief also said the Fed
need not take recent turmoil in markets
as a sign of potentially dangerous
excesses building in the system.
The big summer drop in Chinese
stock prices, for example, was a conse-
quence of a bubble built by “ham-
handed” policymakers, he said, while
softness in commodity prices was con-
sistent with excess supply meeting weak
global demand.
and now believes that Germany will
only expand 2 per cent in 2015, 0.4 per-
centage points less than it thought just
three months ago.
The outlook also warns that the euro-
zone is expanding by about one percent-
age point less than one could expect
given the recent tailwinds, which
include lower oil prices and the accom-
modative monetary policy stance from
the European Central Bank.
“[The eurozone] should have done
better than it actually has”, said Cather-
ine Mann, the OECD chief economist.
“It’s like a student that you know can do
better than he is doing.”
The OECD blames the eurozone’s dis-
appointing growth rates on the inade-
quate strength of the banking system
and insufficient progress in writing
down bad loans. It says that the flow of
credit from the ECB is not reaching com-
panies and consumers in the way it
should, confining the single currency to
lower growth rates than the US.
“Until debt burdens in the euro area
are eased, even such credit as is availa-
ble is unlikely to spur net new spend-
ing,” the OECD said.
Thursday 17 September 2015 ★ FINANCIAL TIMES 9

INTERNATIONAL

Economic data

Investors lose faith in Beijing’s official growth figures

Many believe statistics are
being overstated during
the current slowdown
JOSH NOBLE — HONG KONG
The view that China is growing far
slower than official figures show is going
mainstream, with global investors
among those basing decisions on a rate
of about 5 per cent.
According to government statistics,
China’s economy grew at an annual pace
of 7 per cent in the second quarter of
this year, in line with Beijing’s target for
the year and the World Bank’s estimate
of 7.1 per cent.
However, doubts have long lingered
about the veracity of Chinese economic
data, with many analysts believing
figures to be understated during times
of rapid growth and overstated during
the current slowdown. A strategist at
one European asset manager described
the official growth figure as “a very
crude propaganda tool”.
The recent decision by the People’s
Bank of China to devalue the renminbi,
a move that rattled markets across the
world, has been seen as evidence that
China’s economy is in far worse health
than official data indicate.
Some have turned to other estimates,
such as the “Li Keqiang index” — a com-
posite of indicators favoured by China’s
prime minister, such as electricity pro-
duction and railway freight volumes.
Many of those gauges fell into outright
contraction late last year.
Bob Browne, investment chief at
Northern Trust, said the fund manager
recently lowered its growth forecast for
‘We can’t reconcile [official
data] with the private
sector surveys or more
valid bottom-up numbers’
China for the next five years to “5 per
cent and change”, which he said was a
recognition that using official figures
was “really no longer appropriate”.
“We just can’t reconcile it with the pri-
vate sector surveys or more valid gov-
ernment bottom-up numbers,” he said.
The true nature and rate of Chinese
growth is a vital ingredient for investors
and economists as they seek to measure
demand for global commodities and
forecast growth rates for the countries
that produce them.
Sharp falls in the price of many raw
materials, including oil, copper and iron
ore, over the past year have been seen as
added proof that China, the biggest con-
sumer of many commodities, is actually
growing well below the stated rate.
“If you see the kind of hard data ent-
ering into the composition of the so-
called Li Keqiang index, growth is today
probably closer to 5 per cent than 7 per
cent,” said Jean-Louis Nakamura, chief
Asia investment officer at Lombard
Odier.
Some are more bearish. Lombard
Street Research reckons China grew at
an average rate of 4.7 per cent in the first
half of the year, while Citi’s chief econo-
mist, Willem Buiter, believes growth
could already be as low as 4 per cent.
Those views chime with a confidential
survey conducted by Consensus Eco-
nomics, a researcher, which asked eco-
nomic forecasters what they believed
the true rate of Chinese growth has been
this year. Those polled gave an average
Sparks fly: a steel factory in Huaibei. Official annual growth is 7% — Reuters growth figure for the second quarter of
just 4.3 per cent, and a forecast for the
current quarter of 5.1 per cent.
A separate Bank of America Merrill
Lynch survey of fund managers released
on Tuesday showed that the majority of
investors expect China to be growing at
4.1 per cent to 5 per cent in three years’
time. Most gave an answer of 5.1 per cent
to 6 per cent just a month ago.
Figures about 5 per cent contrast with
the consensus estimate from invest-
ment bank economists, which is cur-
rently 6.9 per cent for 2015.
David Meier, economist at Julius Baer,
has an official forecast for this year
of 6.7 per cent, but notes “suspicion
that the figures could be 1 per cent to
2 per cent overdone”.
“At the end of the day, we have to com-
ment, analyse and publish forecasts
based on the official [gross domestic
product] data series,” he said.
David Pilling page 13
Video: China’s luxury puzzle
Stocks have been moving along
with consumers. Lex asks if this
simple equation still holds true
ft.com/lex

Capital controls

China eases limits on overseas

funding as forex reserves fall
PATTI WALDMEIR — SHANGHAI
Beijing has eased the restrictions on
Chinese companies seeking to raise
funds overseas, after a record monthly
decline in China’s foreign exchange
reserves in August.
The decision to loosen capital controls
on inbound funds stands to boost capital
inflows at a time when big domestic
stock market losses and the slowing Chi-
nese economy are heightening concerns
about capital outflows.
China’s planning agency, the National
Development and Reform Commission,
has made it easier for Chinese compa-
nies to obtain foreign currency bank
loans or issue renminbi bonds with a
term of more than a year, according to a
statement on its website.
“The new policy will simplify the
process for Chinese entities to issue off-
shore bonds. It will give Chinese compa-
nies flexibility in terms of timing and
the amount of bonds issued as long as it
is within the approved foreign debt
quota,” said Ivan Chung, head of Greater
China credit research at Moody’s in
Hong Kong.
Previously, companies needed
approval for each deal but now they are
only required to register with the regu-
lator.
“Like Shanghai-Hong Kong Stock
Connect, it is another step forward in
integrating the Chinese financial mar-
ket with the world,” Mr Chung said.
China’s foreign exchange reserves fell
2.6 per cent to $3.557tn in August, a
monthly $94bn drop that was the sharp-
est on record, as the People’s Bank of
China sold down some of its stockpile to
support the renminbi.
Data from the Bank for International
Settlements show that foreign bank
claims on China shrank by $77bn in the
first three months of 2015, reflecting
their reluctance to lend.
“On one level it’s encouraging to see
that China has not lost its appetite for
pro-market liberalisation, even as vola-
tility and uncertainty have risen. It sug-
gests the leadership understands that
problems revealed by market forces can
be addressed by market forces as well,”
says Michael Kurtz, chief Asia equity
strategist at Nomura in Hong Kong.
However, he said it was not clear that
Chinese companies would immediately
embrace the more open overseas bor-
rowing environment “given expecta-
tions for a depreciating renminbi and
for rising US dollar borrowing costs ver-
sus falling domestic borrowing costs”.
Markets are awaiting a decision from
the US Federal Reserve today on
whether to raise interest rates for the
first time in nearly a decade.
Meanwhile, China is considering
implementing restrictions on auto-
mated trading in its commodity mar-
kets, according to market participants
who spoke to the Financial Times.
The new regulations would define
automated traders, require their iden-
tity and source of funds to be disclosed,
and limit the number of trades they
could place in the futures markets.
Additional reporting by Jackie Cai and
Lucy Hornby

Revival strategy

S&P blames downgrade of

Japan’s debt on Abenomics
PATRICK MCGEE — HONG KONG
ROBIN HARDING — TOKYO
Standard & Poor’s has slashed its rating
on Japanese debt from AA- to A+ in
what it framed as an indictment of
Prime Minister Shinzo Abe’s economic
strategy.
The downgrade is unlikely to trigger any
immediate turmoil in the Japanese gov-
ernment bond markets, which are
driven by deflation and large-scale asset
buying by the Bank of Japan.
But the decision is likely to cause con-
cern in Mr Abe’s office because S&P
blamed it directly on disappointment
with his policies. “Economic support for
Japan’s sovereign creditworthiness has
continued to weaken in the past three to
four years,” the agency said.
“Despite showing initial promise, we
believe that the government’s economic
revival strategy — dubbed Abenomics —
will not be able to reverse this deteriora-
tion in the next two to three years.”
Other agencies have tended to frame
their downgrades as an automatic
response to Japan’s growing public debt.
Fitch cut Japan to an A rating in April.
Moody’s cut Japan’s rating to A1, the
same as an A+ from S&P, last December.
Japan has gross government debt
amounting to 246.1 per cent of gross
domestic product, according to the
International Monetary Fund, the high-
est of any advanced country, and a defi-
cit of 6.2 per cent of GDP.
S&P said the outlook on its rating was
stable. Eleven months ago, S&P had
affirmed its high rating on Japan, saying
a downgrade would be warranted only if
economic growth stumbled.
It said Japan was still “relatively pros-
perous,” boasting a “diversified econ-
omy, political stability, and stable finan-
cial system.” But against this stood “a
very weak fiscal position that the coun-
try’s ageing population and persistent
deflation exacerbate.”
Household consumption has been
weak since Japan lifted its national sales
tax from 5 per cent to 8 per cent in April
last year. Mr Abe has had mixed success
in persuading companies to lift wages.
Inflation was supposed to reach 2 per
cent last April, under an unprecedented
programme of monetary stimulus from
the Bank of Japan. Instead, weak spend-
ing and a collapse in oil prices has
thrown Japan back to the brink of defla-
tion, a problem for nearly two decades.
Shinzo Abe has had mixed success
persuading companies to lift wages
10
Central Europe
Ukraine faces crucial decision on debt reform
Anti-austerity backlash
by MPs risks scuppering
economic restructure
ROMAN OLEARCHYK — KIEV
War-torn Ukraine faces default and
financial and political crisis if its parlia-
ment fails to back a $18bn debt restruc-
turing plan today.
Figures close to the reformist govern-
ment, and, more recently, western poli-
cymakers, have become worried the
plan could fall victim to a political back-
lash over Ukraine’s punishing economic
contraction and squabbling within the
reformist coalition.
A government adviser warned that if
parliament rejected the debt deal, it
would be unable to repay a $500m bond
due on September 23. That would push
Ukraine into default, erasing tentative
hopes for the country after fighting in
the eastern regions between pro-Kiev
forces and Russian-backed separatists
eased this month. “The consequences
are very simple. If the deal is not
approved by the parliament, Ukraine
would enter into default and for a very
long time,” the adviser said.
Default would almost certainly derail
a $40bn international bailout, led by the
International Monetary Fund, of which
the debt restructuring is an important
component. The financial and political
fallout would inevitably have geopoliti-
cal implications for Ukraine’s confron-
tation with Russia.
One EU foreign minister said that
Russia’s President Vladimir Putin might
have backed away from military escala-
tion in eastern Ukraine “because he is
now betting on an internal Ukrainian
implosion, which is not impossible”.
Washington indicated this week it was
ready to offer more financial support to
prop up the reformist government led
by Arseniy Yatseniuk, prime minister.
Ukrainian officials said yesterday
they would work through the night to
persuade coalition and opposition law-
makers to back the debt deal struck
three weeks ago after months of hard-
fought negotiations with creditors.
“Everything can change overnight,”
★ FINANCIAL TIMES
INTERNATIONAL
Ukrainians walk past a shrapnel-damaged building in Donetsk, where government troops are fighting separatists — Getty
said Viktoria Voytsitska, an MP in the
Hryvnia Forecasts for GDP growth Self-Help party that is part of the ruling
Against the dollar (Hryvnia per $) in 2015 coalition. “There is no monolithic posi-
Annual % change tion” across parties, she said. Many leg-
islators want “to understand what con-
5 5 sequences it will have for Ukraine for
10 many years to come”, she added.
0 Though the restructuring includes a
15 20 per cent “haircut”, or writedown,
20 -5 many MPs are worried elements that
link repayment to gross domestic prod-
25 uct could increase the country’s debt
-10
30 burden in the long term.
The concerns are shared by some
35 -15 within President Petro Poroshenko’s
Jan 2014 2015 Sep Jan Date of forecast Aug party. “A large part of the faction was
2014 2015
wavering, but I think the majority will
Sources: Thomson Reuters Datastream; Consensus Economics
vote for it,” said Oleksiy Goncharenko,
Stavanger. Commodities downturn
Norway’s oil capital feels chill of low prices
RICHARD MILNE — STAVANGER
Knut Nesland has worked in Norway’s
oil industry for three decades. But the
service leader at Halliburton in Sta-
vanger has never experienced a down-
turn like the one now hitting the coun-
try’s oil capital.
“In my 30 years I have never seen any-
thing like it. I don’t know anyone who is
not struggling,” says the 52-year-old.
Stavanger has long been a symbol of
Norway’s once-booming economy as
the discovery of oil has made many rich
in this pretty city on the west coast. But
the boom may be turning to bust: unem-
ployment in the year to August was up
two-thirds in Rogaland, the county that
includes Stavanger.
“It is a kind of depression in that part
of the country,” says Leif Sande, head of
the Industri Energi trade union. “It’s not
a good mood. There are a lot of people
that are losing their jobs. People are a bit
depressed, especially in Stavanger.”
Oil accounts for about a quarter of
Norway’s gross domestic product and
the collapse in oil prices, down by more
than a half from their highs last year, is
having a greater impact on Norway than
the financial crisis, say some experts.
Hilde Bjornland, a professor at Oslo’s
BI business school, has shown how
unemployment has risen quicker and
for longer in the past year than it did fol-
lowing the Lehman collapse in 2008.
Stavanger is the epicentre of that rise
in joblessness in western Europe’s lead-
ing oil producer, but it is still from a low
base. In August, 9,291 were registered as
Dengue outbreak
Delhi warns private hospitals after children’s fever deaths
AMY KAZMIN — NEW DELHI
Authorities in the Indian capital have
threatened to close private hospitals
that refuse to admit patients with den-
gue fever, after an outcry over the
deaths of two children whose parents
wereturnedaway.
With thousands of people ailing in New
Delhi’s worst dengue fever outbreak
since 2010, the city’s Aam Aadmi (Com-
mon Man) party government says it
plans to pass an emergency law that
would punish private hospitals that
refuse treatment to critically ill patients.
“We have become blind in the race to
an MP in the pro-presidential parlia-
mentary faction.
IMF disbursements this year have
replenished central bank reserves to
some $12.6bn as of August and the cur-
rency remains fragile even if it has
recovered a little since March. The IMF
expects the economy to contract 9 per
cent this year, after a 6.8 per cent fall in
2014.
Without international aid, Kiev —
which has twice since 2006 clashed with
Moscow over the price of gas imports —
could struggle to afford enough supplies
for winter.
Parliamentary rejection of the debt
deal could lead to the fall of Mr Yates-
niuk and his cabinet. The Fatherland
party of former prime minister Yulia
Tymoshenko has threatened to quit the
ruling coalition, citing transparency
concerns over utility tariff increases.
The Radical party left the coalition this
month.
Unpopular austerity measures set as
conditions for the IMF-led bailout pack-
age, including sharp utility price
increases and more currency flexibility,
are starting to stabilise the country’s
public finances. But they are also having
a punishing effect on the population at a
time of impatience about the pace of
economic reforms and anti-corruption
efforts.
“We are living on the edge . . . I don’t
know how much longer this can con-
tinue,” said Nadia Ivanivna, 59, one of
dozens of rural residents selling home-
grown produce on a pavement in Kiev.
“For the first time in a decade I’m
scrapping to survive by making a daily
six-hour round trip from my village to
sell my homegrown produce here in
Kiev. My 1,100 hryvnia ($51) monthly
pension will not be enough to cover the
utility bills this winter,” she adds.
“You can feel the concern, you can feel
the tension,” Victoria Nuland, US assist-
ant secretary of state, said at a confer-
ence in Kiev at the weekend.
Ms Nuland joined western econo-
mists in praising the government for its
reform efforts, but also urged speedier
efforts to crack down on corruption and
break the oligarchs’ tight hold on the
economy and politics.
unemployed in Rogaland compared
with 5,642 a year earlier and a total pop-
ulation of about 469,000. The jobless
rate of 3.6 per cent is one almost any
region in Europe would love to have.
But the warning signs are still there
among Stavanger’s pretty wooden
buildings, with warnings that worse is
ahead. House prices, which have risen
consistently for more than a decade,
were down by 3.7 per cent in the second
quarter on a year earlier. Stavanger’s
population shrank in the same quarter
for the first time since late 2000.
“For Stavanger, we have never seen
House prices in
Stavanger have
fallen 3.7% in
the second quarter
compared with a
year earlier
this before: going from you don’t know
where you will get the people from, to
laying people off. You see it in the res-
taurants, hotels, taxis,” says Mr Nes-
land, who is also a union shop steward.
He says he has never been so busy
helping workers, especially young ones,
who have lost their jobs. But the deepen-
ing downturn is also opening new fis-
sures in the sometimes fractious rela-
tionship between Stavanger and Oslo.
Norway’s oil capital often feels unap-
preciated by its political and financial
counterpart. A common refrain in Sta-
vanger is that Norway’s centre-right
government — in particular prime min-
ister Erna Solberg and finance minister
make more profit,” Arvind Kejriwal,
Delhi’s chief minister and a former anti-
corruption activist, said after a surprise
inspection of state-run hospitals yester-
day. “We shouldn’t forget our humanity.
Hospitals which refuse treatment will
notbespared,”headded.
The dengue fever outbreak, a poten-
tially lethal mosquito-borne disease
that causes high fever and a sharp drop
in sufferers’ white blood cells, has over-
whelmed Delhi’s healthcare system.
City hospitals have had to postpone
non-essential operations to keep beds
free for dengue patients, while all gov-
ernment doctors have been banned
Thursday 17 September 2015
Trade negotiations
Brussels seeks
to remove
barrier to
EU-US pact
CHRISTIAN OLIVER — BRUSSELS
Brussels is promising more transpar-
ency in a controversial system compa-
nies use to sue governments as it seeks
to lift the most intractable political
obstacle to a crucial EU-US trade deal.
Hopes have faded that the Transatlantic
Trade and Investment Partnership,
potentially the world’s biggest trade
deal, will be concluded this year, prima-
rily because of a barrage of opposition
from politicians and campaign groups,
particularly in Germany and Austria.
Among their biggest complaints is
that big companies could use provisions
of the trade deal to bypass national
courts and take investment disputes to
international tribunals, undermining
European standards in health, food and
the environment.
Cecilia Malmström, the EU’s trade
commissioner, conceded yesterday that
the so-called Investor-State Dispute Set-
tlement system needed to be over-
hauled to ensure the successful conclu-
sion of the TTIP negotiations
“It is clear from the debate that there
has been, and is, a fundamental lack of
trust by the public about the impartial-
ity and fairness of the old ISDS system,”
she said. “European countries are the
most frequent users of the current sys-
tem, so it is logical that we from the EU
side took the lead in reforming and
modernising this system.”
Ms Malmström said the EU was devis-
ing an Investment Court System that
would comprise five judges each from
the EU, US and elsewhere. Cases would
be presided over by a trio of judges rep-
resenting each of the trading blocs. She
added that court proceedings would be
open to the public and documents
posted online. “What we are setting out
here is a public justice system,” she said.
The commission must now finalise it
with the European Parliament and the
28 member states before presenting it to
the US for discussion.
Siv Jensen — are not helping the indus-
try enough and are even talking it down.
Petter Osmundsen, professor of
petroleum economics at the University
of Stavanger, is not alone in pointing to
Ms Solberg’s talking of “restructuring”
Norway from oil. He says: “It is hard to
understand the talking down of the
industry. You wouldn’t see another min-
ister in a different country saying things
like this . . . The ministry of finance
seems to be waiting for an oil decline.”
This taps into a long-held emotion in
Stavanger that people in Oslo feel they
have become rich purely by chance of
having Norway’s biggest oilfields nearby
rather than through hard work. Jostein
Lovas, at financial daily Dagens Naer-
ingsliv, recently wrote that people in
Oslo liked the income from oil, but not
oil itself. He senses a feeling of schaden-
freude in the capital over Stavanger’s
fate: “Some people in Oslo seem to
appreciate a return to the ‘natural
order’, that these upstart people on the
west coast come back to earth and that
swimming in oil is repulsive.”
But the longer the downturn carries
on, the greater the impact outside Sta-
vanger and the more pressure will
increase on the government to act and
perhaps tap its $850bn sovereign wealth
fund. Ms Solberg has said in the run-up
to local elections in mid-September that
next month’s budget will contain sup-
port for the industry. Ms Jensen adds
that there should be “no doubt” that the
government acknowledges how impor-
tant the oil and gas industry is.
Video www.ft.com/stavanger
from taking leave. Officially, Delhi has
had 1,800 confirmed dengue cases, with
11 fatalities, but the toll is believed to be
far higher, as the government rejects
results from the type of tests commonly
used in private hospitals. The number is
set to rise as the dengue season peaks,
before winter stops mosquito-breeding.
The epidemic has highlighted the big
gap in access to healthcare for India’s
working classes, who are confronted
with the unpalatable choices of under-
funded, overcrowded public hospitals,
or going into debt to obtain treatment at
private hospitals that are geared to mid-
dle and elite classes.
Thursday 17 September 2015
With Pope Francis making his first visit to America next week supporters hope the controversial
pontiff — who has breathed new life in to the Vatican — can reverse the decline in the US Church.
A
fter mass last Sunday at St
Mary’s church in Riverside,
a leafy, affluent suburb
west of Chicago, Kate
Boharic, 66, emerged into
the sunshine with her husband Bob.
The service was well-attended: the
pews were three-quarters full, and the
congregation spanned all generations.
Ms Boharic believes Pope Francis’
impending trip to the US could encour-
age lapsed Catholics to return to the
Church.
This month, the 78-year-old Argen-
tine pontiff took two steps that were
seen by reformers as crucial to reviving
the fortunes of US Catholicism, which
has been shedding followers for years.
First, he gave the green light for
priests to pardon women who had abor-
tions, in a year-long relaxation of pasto-
ral guidelines to start in December.
Then, he agreed to streamline and slash
fees on the cumbersome procedures by
which the Catholic Church certifies the
annulment of a marriage, in the first
major changes to the rules in 300 years.
“[People who have felt shut out of the
church] like some of these more open
messages and his forgiveness, and
mercy, which could bring a lot of people
back,” says Ms Boharic, referring to
those who may believe but have
divorced or had an abortion. Before,
they might have felt “condemned to
hell”, she says.
Since his surprise election by fellow
cardinals to the top job in the Vatican in
March 2013, Pope Francis has brought a
new verve to the Catholic Church glo-
bally. As the first Latin American pon-
tiff, he has focused on the plight of the
poor and the marginalised more fer-
vently than any of his predecessors.
Meanwhile, he has led a quiet revolu-
tion inside the Vatican walls, reforming
its murky finances and taking on the
3m 20.8%
USCatholicswho Catholicshareof
lefttheChurch theUSpopulation,
between2007 downfrom
and2014 23.9%in2007
Roman “Curia” — as the Holy See’s
bureaucratic establishment is known —
for being narcissistic, rigid and inward-
looking, and desperately requiring a
change of attitude to become more
inclusive and closer to the people.
In the US, where he will set foot for the
first time next Tuesday, to be greeted on
the tarmac of Andrews Air Force Base in
Maryland by President Barack Obama,
this transformation has earned Pope
Francis levels of popularity most politi-
cians can only dream of. According to a
poll released this month by Quinnipiac
University, 66 per cent of Americans
have a “favourable” or “very favoura-
ble” opinion of him.
‘Crucial moment’
It is far from certain that Pope Francis
will succeed in achieving what Ms
Boharic, many other ardent Catholics
and the Vatican would like to see: a
stronger and more united American
church that can keep funding charitable
activities around the world.
“He’s arriving at a crucial transitional
moment,” says Thomas Tweed, a pro-
fessor of American studies at the Uni-
versity of Notre Dame, a Catholic insti-
tution in Indiana. “After initial wide-
spread support that seemed to bring
conservatives and progressives together
for the first time in a long time, there are
signs the fragmentation is increasing.”
The scale of the challenge facing Pope
Francis in America is especially daunt-
ing given the disenchantment that set in
over the past 15 years, as sexual abuse
scandals and cover-ups seriously dam-
aged confidence in the Church and the
coffers of many parishes.
According to the Pew Research
Center, about 3m Catholics left the
Church between 2007 and 2014, and
Catholics’ share of the population
declined from 23.9 per cent to 20.8 per
cent over the same period.
While this was a slower drop than that
experienced by Protestants, it came
amid a rise in the share of non-Christian
faiths, and a substantial jump in the
“unaffiliated” — including atheists and
agnostics. Moreover, 52 per cent of US
adults who were raised Catholic have
left the Church at some point in their life
— and just 11 per cent have returned.
“The business is failing, it’s a dimin-
ishing operation,” says Daniel Maguire,
a professor of theology who is known for
his liberal views at Marquette Univer-
sity, a Catholic institution in Milwaukee.
“All sorts of parishes are closing that
★★★
FT BIG READ. CATHOLIC CHURCH
By James Politi and Lindsay Whipp
Leap of faith
Six key moments July 8, 2013
Francis breaks On his first
visit
with the past outside of
Rome,
Pope Francis
March 13, 2013 denounces the
Pope Francis is elected by “globalisation of in the Vatican. “Who am I
the conclave of cardinals indifference” to the plight to judge?” he responds, in
to the helm of the Catholic of the migrants from the a comment that was
Church as the first Jesuit island of Lampedusa, in widely seen as breaking
and first Latin American the Mediterranean Sea with Vatican hostility
pontiff between Libya and Sicily towards homosexuals
Workers paint used to be teeming with obedient Catho-
220ft tall mural lics,” he adds.
in New York to Senior Vatican officials and US clergy
celebrate the are convinced Pope Francis will be able
arrival of Pope to reverse that exodus. The calculation
Francis is that even if there are no major
Jonathan Sciortino/Polaris
changes to Catholic doctrine compared
with those made by Benedict XVI and
John Paul II, subtle shifts in tone and
attitude can go a long way towards
reconnecting the Church to ordinary
people. “People look at the church in a
much more positive way,” says one offi-
cial at the Holy See.
Margery Eagan, a spirituality col-
umnist at Crux, the Catholic website,
Canonisation Pope Francis is known for breaking
Controversy new ground — and will do so again
when he holds the first canonisation
surrounds mass ever held on US soil at the
Serra National Shrine of the Immaculate
sainthood Conception in north-eastern
Washington next Wednesday.
The Argentine pontiff will be
celebrating the sainthood of Junípero
Serra, an 18th-century Spanish-born
friar and missionary, who played a
leading role in the evangelisation of
California. The event will inevitably be
seen as a nod to the importance and
tradition of the Latino population in
US Catholicism — reinforced by the
fact that Pope Francis will be speaking
in Spanish. According to the Pew
Research Center, about one-third of
US Catholics are Hispanic, whereas
they account for about one-sixth of
the US population.
But the canonisation of Serra has
been controversial, mainly because
some critics view it as an endorsement
of the colonisation of the American
west, which decimated indigenous
populations. The American Indian
Junipero Serra Movement has organised protests
FINANCIAL TIMES
July 29, 2013 November 25, 2014
As he returns from On a visit to the European
a trip to Brazil, Parliament in Strasbourg,
Pope Francis is Pope Francis called
asked what he Europe a “tired and
thinks of the haggard grandmother”
presence of gay priests that needs to change its
ways if it wants to lift itself
up again
says Pope Francis has “ditched the ‘get
lost’ message. He is not pushing us away,
but inviting us back. We are, every one
of us, struggling sinners, he says, and
Communion is ‘not a reward for the per-
fect, but medicine for the sick’.”
Sympathetic approach
Although abortion and divorce remain
sinful and banned, the two proposals
announced this month will allow priests
to be more understanding and welcom-
ing. While same-sex marriage remains
taboo in the Church, despite its over-
whelming support in the Irish referen-
dum and the US Supreme Court ruling
against Serra’s impending sainthood,
saying he “enslaved, starved and
facilitated the rape and murder” of
some of its people. “To grant Junipero
Serra sainthood would be to not only
condone those atrocities listed, but to
glorify them and enshrine genocide.”
Such accusation may prove
especially awkward for Pope Francis,
since he has been seen to pay special
attention to the plight of indigenous
populations, especially in Latin
America, even issuing a forceful
apology for the Catholic Church’s role
in their oppression in July. “I humbly
ask forgiveness, not only for the
offences of the church herself, but also
for crimes committed against the
native peoples during the so-called
conquest of America,” he said.
Father Federico Lombardi, Vatican
spokesman, this week downplayed the
controversy. The Pope “knows about
the discussions surrounding
evangelisation and colonisation —
these are ancient debates that weren’t
born yesterday”, he said, adding that
“nothing extraordinarily new” had
emerged in connection with Serra.
June 18, 2015 September 8, 2015
Pope Francis publishes Pope Francis makes the
Laudato Si, his encyclical most significant changes
on ecology and the “care to the process of marriage
of the common home”. It is annulment in three
an exhortation for
action to combat
climate change and
condemns what it
calls the
plundering of
nature by
multinationals.
declaring it constitutional across Amer-
ica, the Pope’s July 2013 comment “who
am I to judge?” in reference to gay
priests sent a clear signal that homosex-
uals should not be ostracised, as they
often have been by the Vatican.
Pope Francis has also taken a more
aggressive stance on sexual abuse,
including setting up special tribunals to
judge bishops’ actions on cover-ups of
molestation allegations. Critics say this
remains one of his weaker points, but it
still marks an attempt to stem one of the
biggest sources of flight from the Catho-
lic Church in the US.
Yet every time Pope Francis takes a
step towards relaxing attitudes and
rules that are intended to open up the
Church to a wider audience, or recover
the lost flock, he risks raising the ire of
more conservative Catholics who are
fiercely defensive of traditional atti-
tudes and rules. Just a few hours after
the Vatican announcement on marriage
annulments, Cardinal Raymond Burke,
a conservative cleric who was demoted
within the Vatican hierarchy by Pope
Francis, delivered a speech in which he
lamented the “ferocious attacks” on
marriage from even “within the
Church”, and the dangers of “sentimen-
talism”. It was widely seen as a rebuke, if
an indirect one, of the pope’s move.
Moreover, Pope Francis’ attacks on
global capitalism have intensified in
recent months — to the point where they
are making many conservative Catho-
lics in the US uncomfortable, even if
they are winning him liberal plaudits.
In a July speech in Bolivia, the Argen-
tine pontiff called unfettered free mar-
kets the “dung of the devil” and a “subtle
dictatorship”. A few weeks earlier, his
Laudato Si encyclical, which is the high-
est form of papal teaching, had issued a
clarion call for environmentalism to
combat climate change and blamed
multinational companies for plunder-
11
High esteem 66 per cent of Americans
have a ‘favourable’ or ‘very favourable’
view of Pope Francis, a level of
popularity politicians only dream of
Broadening the church Vatican officials
and US clergy hope the pontiff will play
a key role in reversing the slide in
Catholics’ share of the US population
Alienation fears Many conservative
Catholics in the US are uncomfortable
with the Pope’s attacks on capitalism,
fearing a threat to their way of life
ing the planet. “Some conservatives feel
scolded and estranged — even
harangued by this Pope,” says Prof
Tweed of Notre Dame.
To make traditionalists even more
wary, Pope Francis has also welcomed
the nuclear deal with Iran, and helped
broker US detente with Cuba. Before
landing in the US he will spend three
days in Cuba, meeting Raúl and Fidel
Castro, the country’s current and
former Socialist leaders. The move
could feed criticism that he is a Marxist
who has never visited the US before
because of a deep-seated anti-American
bias, though Vatican officials say it is
simply because he was always a reluc-
tant and infrequent traveller, and never
had any reason to go to the US.
In many ways, traditional Catholics
have not felt this threatened since the
early to mid 1960s, when Pope John
XXIII launched the Second Vatican
Council in a move to modernise the
Church, including by allowing mass to
be celebrated in vernacular languages
instead of Latin. But by 1968, when Pope
Paul VI wrote his Humanae Vitae encyc-
lical reaffirming Church teaching ban-
ning artificial contraception and taking
a tough line on other social issues, the
traditionalists had regained the upper
hand — and retained it during the papa-
cies of John Paul II and Benedict XVI.
“During Vatican II, all the windows
were open, but once it was over, all the
windows were closed and debate was
clawed back,” says Thomas Reese, a Jes-
centuries, a sign uit priest and analyst for National Cath-
of his efforts olic Reporter in Washington. “John Paul
to liberalise II believed the Church was under attack
the and there was no room for debate, but
Church’s Pope Francis is returning to the spirit of
strict tones Vatican II.”
on social Charles Chaput, the archbishop of
matters Philadelphia, which will be the last leg of
the US tour after Washington and New
York, says the “newness and energy” of
his presence should help heal the
wounds within the US Church. “I hope
the Pope helps us recover a sense that
our baptism is more important than our
loyalty to any political party or passing
secular cause,” he added in a written
statement to the Financial Times.
Deep divisions
But Mr Maguire of Marquette fears it
may be too late; that the divisions are so
deep that even Pope Francis will not
prevent the Church — at least in the US
— from going the way of Judaism, which
has reform, conservative and orthodox
communities. “It is a fait accompli, even
if it is not formalised,” he says.
Vatican officials caution that restor-
ing the unity of the US Church may be
too much to ask of the Pope on a visit
that is really meant as an introduction to
America. He will have to tread a fine
line, especially in the most high-profile
of the 18 speeches he will deliver on his
trip — including those to the Joint Ses-
sion of the US Congress and the UN Gen-
eral Assembly — to ensure his views are
not seen as excessively political.
‘John Paul II “When he says ‘this economy kills’ he
believed is asking serious questions of US Catho-
lics about their model of development,
there was but he’s not there to jump into the elec-
no room for tion campaign or back one party over
another,” says Andrea Tornielli at La
debate, but Stampa, the Italian newspaper.
At St Mary’s church, Father Robert
Pope Banzin, a sturdy 75-year-old dressed in
Francis is green robes, devoted a chunk of his
mass to the papal visit, in an attempt to
returning guide his parishioners’ expectations.
to the “I told people, ‘There’ll be a lot of stuff
going on. It’s going to be a circus,’” he
spirit of says, referring to the wall-to- wall media
the Second coverage. Instead, they should focus on
the essence of Pope Francis’ message.
Vatican “Three things I think are his priorities:
Council’ to help the poor, protect the good Earth
and work for peace in a broken world.”
12
THURSDAY 17 SEPTEMBER 2015
UK’s enviably smooth
economic recovery
Growth and a weak opposition provide a unique moment for reform
A penchant for blithe optimism is no
virtue in a British finance minister. The
chancellors that gained lasting acclaim
earned it during their darker moments;
think of Denis Healey in the late 1970s,
or his successor Geoffrey Howe, both
respectedforwieldingtheaxe.Asakeen
student of history, George Osborne will
be aware of their example — and of oth-
ers such as Nigel Lawson and Gordon
Brown, who grew complacent during a
boom, only to see their reputations
evaporate in the subsequent crash.
Seldom have the grounds for com-
placency been stronger. Measured by
the “misery index” — the unemploy-
ment rate added to inflation — Britain
has not been this happy since the early
1960s. Inflation is zero, unemployment
is low and wages rising steadily. There
are signs that the record numbers in
work are becoming more productive,
which augurs well for a recovery with
staying power. Public borrowing, once
a frightening 11 per cent of gross
domestic product, is falling. At this
rate, there may even be room for some
judicious fiscal largesse.
Absent a serious opposition, it tends
to fall to a newspaper editorial to wag a
finger of warning. Attempts to spoil the
mood come in three variants. The first
is to accuse the government of sheer
dumb luck, for example by pointing
out the good fortune of collapsing oil
prices. Had Opec reacted differently
last year, inflation would be higher and
the economy weaker.
Maybe so. But luck tends to even out.
The UK has faced headwinds too, not
least the crisis in the eurozone. When
the economy slowed in 2011, few of Mr
Osborne’s critics were so generous as to
notice the role played by high oil prices.
A second line of attack is to query the
premise. Underneath the headline fig-
ures, living standards are still weak. As
parliament votes through steep cuts to
in-work benefits, Jeremy Corbyn, new
The misguided war on
American exporters
Opposition to the ExIm Bank defies the reality of overseas markets
Every government bureaucrat who has
faced pressure to cut costs knows the
value of “shroud-waving”: accentuat-
ing the gruesome consequences in an
attempt to have the policy reversed.
This week General Electric showed
that the tactic can usefully be applied
by the private sector as well.
On July 1, the Export-Import Bank,
the US trade finance agency, lost its
ability to make new loans after Repub-
licans in the House of Representatives
blocked its re-authorisation.
On Tuesday, GE announced that it
would cut 500 jobs from its operations
making power equipment in four US
states, because the businesses would
no longer benefit from ExIm’s support.
Adding insult to injury, most of the
work leaving the US will be relocated to
France, where the export credit agency
is eager to help GE’s local factories win
contracts around the world.
The number of jobs involved is small
in the context of GE’s US workforce of
136,000 at the end of last year.
Opponents of ExIm have condemned
the company for trying to bully the US
government into restoring a subsidy
that delivered the bulk of its benefits to
GE and a few other large American
manufacturers.
However blatant GE’s grandstanding
might be, though, the company has a
point. ExIm is a small but significant
component of the financial infrastruc-
ture of the US, and a continued failure
to restore its authorisation will result
in modest but growing harm to the
economy.
It is a sign of the strange trajectory of
US politics over the past decade that
the case against ExIm as “corporate
welfare”, once a staple of the left, is now
a commonplace of the right.
Opposition to the bank has become
a signal of seriousness in commitment
to free-market principles, and seems to
be a sine qua non for anyone seeking
leader of the Labour party, has grounds
to challenge where the burden of aus-
terity will fall. In other ways, the UK
economy remains unbalanced. Manu-
facturing is under pressure, despite
repeated attempts to pep up the sector.
UK prosperity seems always to be asso-
ciated with soaring house prices and
never with humming factories. But
whatever the effects of this lopsided-
ness it predates Mr Osborne’s time in
power, reflecting deep structural flaws
that are not quickly mended.
They lead naturally to a third reason
to carp. The economy’s ebb and flow
inspires some to see a morality fable
behind its swings, where years of
plenty always sow the seeds of a subse-
quent famine. In Britain it is the hous-
ing market that generates the doomiest
warnings. In this tale, as well as sucking
resources away from productive enter-
prise, expensive property drives
greater borrowing, overleveraged
households and then a crash.
The doom is overblown. There is
much to admire in manufacturing, but
it is not inherently more stable than the
services sector. The public has not —
yet — embarked upon a borrowing
binge in pursuit of a killing in property.
Houses have not become de facto piggy
banks; unlike in the 1980s or 2000s,
equity withdrawal is negative. At about
7 per cent, the household savings ratio
stands well above pre-crash levels.
Mr Osborne has delivered a sustaina-
ble recovery. If he has regrets in years
to come, they may concern his failure
to have exploited this moment of
opportunity. Should he now address
longstanding economic weaknesses —
particularly Britain’s land market, a
drag both on growth and social mobil-
ity — neither parliamentary opposition
nor a troubled economy stand in his
way. No recent chancellor has been so
unconstrained. Political capital is there
to be spent. Now is the time to use it.
the Republican nomination for the
presidency. In an ideal world of perfect
competition, frictionless markets and
no externalities, government-backed
export financing would indeed be a dis-
tortion that would damage efficiency
and raise costs for consumers.
In such a world, it would make sense
for the US to abandon ExIm even if all
the other countries with official export
credit agencies retained theirs.
The question is whether, in this less
than perfect world, those conditions
are close enough to reality that they can
be relied on.
Given the highly concentrated
nature of some of the markets in which
ExIm has been active, such as aircraft
and power equipment, and the barriers
facing smaller companies seeking to do
business across borders, that idealised
model can safely be discarded.
Instead, it is worth thinking about
ExIm’s costs and benefits. US govern-
ment accounting suggests reauthoris-
ing the bank would save $2.3bn over
2016-20, because its costs are more
than covered by fees and interest. The
Congressional Budget Office argues
that flatters ExIm’s true economics,
and has said that if the bank priced its
market risk the way the private sector
would, it would cost about $300m over
that period.
Even using the CBO’s methodology,
ExIm’s costs are small. The benefits in
terms of supporting US industrial skills
and technology, although difficult to
measure, are almost certain to be
greater.
For as long as ExIm’s activities are
suspended, we can expect a steady
trickle of announcements like GE’s
from US businesses losing export sales.
Opposing ExIm may be a principled
stance, but it is a principle that is pun-
ishing American businesses. For the
good of the country, the bank should be
reauthorised at once.
★ † FINANCIAL TIMES
Illiquidity on the balance sheet haunts Beijing
Sir, Martin Wolf (“A new Chinese
export — recession risk”, Comment,
September 16) alludes to, but does not
fully grasp, the illiquidity within
China’s foreign exchange reserves. The
evidence is clear.
China’s forex reserves in June 2008
were $1.7tn; by June 2014 they had
topped $4tn. Now look at the US
Treasury international capital data,
which show that during the same
period (latest available) China’s US
long-term debt holdings rose from
Fed move on rates will
be mostly about politics
Sir, Almost all of the comment about
whether the US Federal Reserve will or
will not raise interest rates tomorrow
(“When rates rise” — FT Series) is
predicated on the notion that it is an
economic decision with some politics
appended. The truth is the opposite.
Although they cannot say so, central
bankers’ task is to keep their respective
ships of state, which nowadays means
the global ship of state, from capsizing,
a ship that over decades has become
ever more loaded, above deck, with
debt. That the load has been in large
part created by the same civil servants
does not alter this.
If adding to the load will stave off a
capsize, then they must risk adding to
it. At the least, they must sustain the
tottering structure. All our experience
says that adding to the load makes
matters worse. But what if our
experience is of little help because
(which is the case) the debts can now
never be repaid because they are too
big? Instead, in some hard-to-imagine
future they will be bought in and
cancelled by governments and, if this
can be done without destroying our
confidence in the global financial
system, with a leap we shall be free.
I do not believe that, on the back of
some ephemeral data points, the Fed
will raise rates this week.
Henry Cottrell
Cambridge Fund Managers Limited
Bath, UK
Give Biden space to decide
whether to join the race
Sir, By any measurement, no vice-
president has contributed to the
success of an administration as much
as Joe Biden (“Joe Biden: the Hamlet of
the 2016 American election”,
Comment, September 14). The vice-
president, if he chose to run, is not only
viable for the Democratic party but for
all of the US. And, no one in either
party is better prepared to be
president. Furthermore, in a very
special relationship between the
president and the vice-president, they
have each other’s back.
As the media speculation continues,
the problem is not “he cannot make up
his mind”. The problem is the media
wants to goad him into making a
decision before he is ready. They thrive
on conflict. For the time being,
everyone should take a deep breath,
have the decency to allow the vice-
president the space he and his family
need. He will decide when he decides.
Fariborz S Fatemi
Former Professional Staff Member,
House Foreign Affairs Committee
Senate Foreign Relations Committee
McLean, VA, US
Putin keeps the
west guessing
with little green
men in Syria
Notebook
by Roula Khalaf
Letters
$1.1tn to $1.5tn (this includes asset-
backed securities, corporate debt, etc).
Assuming, as the IMF does, that
China allocates 65 per cent of reserves
to dollar holdings, there is a very clear
mismatch. Reserves accumulation of
$1.5tn while dollar debt holdings rose a
mere $400bn. Adding the entire
Belgian accumulation of long-term
Treasury holdings worth $250bn (as
many have) still leaves an almost $1tn
mismatch.
Given the secrecy surrounding the
‘Try using your Facebook’s Dislike
button a little less’
Barrage system offers
protection and value
Sir, Andrew Whalley and Simon Gray
(Letters, September 14) supported
respectively onshore wind for being
“cheap” and nuclear for being “secure
low-carbon” and “affordable”.
However, a barrage over the UK’s
Severn estuary — with the second-
highest tidal range in the world —
would generate 7-10 per cent of the
total national electricity requirement
on a low-carbon, secure, ultra-cheap
basis, probably for centuries and at the
very least for 120 years.
This compares with the 60-year life
— and dubious aftermath — of nuclear
plants and the unsightliness of onshore
wind turbines that last only 17 or 20
years before requiring replacement and
resubsidy.
With 25 per cent of UK generating
capacity due to reach the end of its life
in the next 10 years and the UK’s
unwelcome reliance on foreign sources
of energy, it seems irrational to ignore a
Severn barrage.
There has been talk of a Swansea
lagoon, also exploiting the Severn’s
tidal range. But such a lagoon, having
only 2 per cent of the capacity of a
Severn barrage and a much higher cost
of generation, would represent pure
tokenism.
In addition to cheap green energy, a
Severn barrage would provide full
protection for the whole Severn delta
from storm surges, tidal flooding and
sea level rises, as well as a mechanism
to protect the region against fluvial
flooding. The Somerset levels would
not have endured their catastrophic
experience early last year if there
had been a barrage and cities like
Gloucester could be protected from
their regular floods. It should be
built now.
Gregory Shenkman
London W8, UK
Remember the little green men, the
Russian troops in unmarked uniforms
spotted first in Crimea last year? Their
presence was denied time and again
by the Kremlin, even as evidence of
their ground involvement mounted.
Well, the little green men may be
back, this time in Syria, where
Vladimir Putin is plotting his next
international adventure.
Activists who tracked the Russian
forces in Ukraine have turned their
attention to the Syrian mystery,
studying videos of Russian military
equipment and personnel, listening to
voice patterns, and searching social
media sites for photographs of
Russian soldiers sent to Syria and
messages from their wives.
There’s no smoking gun yet, no
killer discovery to prove that Russians
are involved in combat in a country
beset by a four-year civil war. But the
suspicions are gathering, and,
curiously, the Kremlin is not straining
to quell the speculation.
Officials in Moscow are telling at
least half the story. They have not
admitted that battle tanks are being
flown into Syria or that troops were
taking part in the fighting. Nor have
they disclosed that a new air base was
under construction in the city of
Latakia, the stronghold of the Assad
regime on the Mediterranean coast.
But Mr Putin has made no secret of
the fact that he’s ramping up Moscow’s
role in Syria; and his foreign minister,
Sergei Lavrov, has acknowledged that
new military supplies are being sent in,
accompanied by Russian specialists.
reserve composition it can only be
conjecture as to where the reserves
have been allocated. But the illiquidity
at the heart of China’s supposed “strong
balance sheet” is very clear.
If capital outflows continue, exactly
what China will be forced to sell is
unclear, but it will not be limited to US
Treasuries as conventional wisdom
currently believes.
Roderick Graham
Jamieson Investments
Edinburgh EH3, UK
Carmakers have a lot riding
on markets such as Iran
Sir, The tempo in the car industry is
not only set by economic growth and
household purchasing power but also
by investment, innovation, industrial
policy and political developments.
(“Carmakers braced for end to record
global growth run”, September 14). The
industry requires extensive investment
to respond to erratic shifts in demand
and produce cars to suit the needs and
desires of regional markets.
Incorporating new technologies into
vehicles to comply with carbon
emissions reductions and adapting to
the new multi-ownership approach to
cars are vital in the race to stay ahead.
Nevertheless, it is hard to see what
the promised land is for US SUVs,
Japanese compact cars and French or
German sedans. China, as you point
out, is serving as an amplifier of losses
and gains. Markets with considerable
growth potential, such as Brazil and
Russia, are collapsing.
The industry has a lot riding on new
markets such as Iran, where we expect
the number of vehicles to hit 1.4m in
2016, on par with the all-time high of
1.45m in 2011. But the opening up of
the Iranian market will be lengthy and
complex. The situations in Venezuela,
Nigeria and Thailand are reminders
that the car market remains highly
political in many parts of the world.
Ludovic Subran
Group Chief Economist, Euler Hermes
Paris, France
McDonnell’s mix includes
some practical policies
Sir, The article on John McDonnell
(“Veteran longs for ‘overthrow of
capitalism’”, September 15), does a
disservice to sensible political
discussion. It tries to frame all views
held by the shadow chancellor as
extremist when some are clearly not.
Take for example his view that the
economic system needs to be changed
and that companies’ objectives should
include long-term sustainable
economic and social responsibilities.
Andrew Haldane, the chief economist
of the Bank of England, was discussing
that topic only a couple of months ago,
but he is hardly an extremist. A great
many moderate people have made
similar comments since the financial
crisis in 2008.
The report states that Mr McDonnell
supports the financial transaction tax.
Given this is being implemented by 11
EU countries, and German finance
minister Wolfgang Schäuble is trying to
extend it across the entire EU, it is hard
to claim that this policy amounts to
extremism. Indeed, the UK already has
stamp duty on share purchases, which
is a form of financial transaction tax. It
Syria is not a new theatre for Russia
but it has suddenly shot up in strategic
importance. Syria has long been
Moscow’s main ally in the Middle
East, home to its only naval base on
the Mediterranean, and the one
country through which Russia can
extend its influence in the region.
Russia is already a player in a
fiendishly complex game of violent
confrontation and regional rivalry.
Moscow, along with Iran, has been a
major supporter of Bashar al-Assad,
the embattled president who’s been
clinging to power as he loses more
territory to the opposition. The pro-
regime axis is pitted against rebel
groups of varying degrees of
radicalisation, including the Islamic
State of Iraq and the Levant, the group
known as Isis. The US and its Arab
allies support some of the groups. A
US-led coalition, meanwhile, has been
bombing Isis targets.
Mr Putin’s decision to step up his
intervention just as a ceasefire takes
hold in eastern Ukraine, has left
western policymakers where the
Russian leader likes them to be:
guessing about his intentions. Not long
ago, the talk in western and Arab
diplomatic circles was that Russia was
inching closer to their position on
Syria and might be convinced to ditch
Mr Assad for a transitional
government acceptable to both regime
elements and the pro-western
opposition. Instead, Mr Putin appears
to have shifted gear. And that has
caught the US off guard.
Maybe Syria is simply a diversion
Thursday 17 September 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
goes on to criticise him for wanting to
remove the independence of the BoE.
Given it was not independent for the
whole of the previous Conservative
government, in fact until 1997, it is
hard to cast as extremist ideology. That
central banks are more politicised than
ever is clear to see from comments in
the Financial Times recently from
Stefan Ingves, the head of the
Riksbank, the Swedish central bank.
Central bankers themselves are
uncomfortable that their roles are
increasingly political, particularly
when using macroprudential tools.
With zero rates and quantitative
easing, the boundaries between fiscal
and monetary policy are more blurred.
The case for independence is certainly
weaker than it was.
Finally, the article mentions his
desire for the government to build
more council houses. Given the UK has
a significant housing shortage, and the
private sector has not built enough
houses to meet demand for several
decades, this is a policy that even the
present government may eventually
have to entertain. It is not extremist
ideology so much as a practical policy
to address a real market failure.
To suggest that everything Mr
McDonnell believes is extreme because
some of his views are is disingenuous.
The FT usually knows better than to
undermine by association.
Rod Price
Worcester Park, Surrey, UK
Women take leading
role at ECB regulator
Sir, Your FT Special Report on Women
in Business (September 15) was very
informative and interesting. However,
it was disappointing to see that the
article entitled “Women regulate banks
run by men” neglected to mention the
two women who head the largest
banking supervisor in the world, the
European Central Bank’s Banking
Supervision: Danièle Nouy, chair of the
ECB’s supervisory board, and Sabine
Lautenschläger, vice-chair. They are in
charge of directly supervising the euro
area’s largest 123 banking groups,
representing close to 85 per cent of
total banking assets in the euro area. It
can be safely assumed that most of
these groups are run by men.
Conny Lotze
Deputy Director-General, Communications
European Central Bank
Frankfurt, Germany
Gaining access to the
top of the Gherkin
Sir, Your leader dealing with charitable
giving (September 12), which
demonstrates that this is not such a
simple subject as might at first appear,
is timely in view of the exhortation of
Giuseppe Ciucci, chief executive of
Stonehage Fleming, for the very rich to
be more “up front” about the level of
their donations (September 12). Sir
Michael Hintze’s donation of £4m
to charity following his abseiling
exploit was indeed generous. Two
things strike me, however: money
raised by sponsored charity anythings
(marathons, treks up Mount
Kilimanjaro, periods of silence in
Reception and Year 1) is actually
money given by other people, not
by the person who is sponsored, and
more intriguingly, what strings do you
have to pull to get access to the roof
of the Gherkin?
Rosalind Maudslay
Longframlington, Northumberland, UK
designed to turn attention away from
Ukraine and ease western pressure on
the Kremlin. Maybe Russia is
determined to ensure the survival of
the Assad regime in Damascus at any
cost. Possibly, Moscow believes the
regime is crumbling and Mr Putin is
bolstering Russia’s military presence
to secure a role in a post-Assad era, in
which Syria could be partitioned.
In theory, the monster of Isis should
be sufficient to bring the US and
Russia closer in a common struggle.
The successful negotiations over Iran’s
nuclear deal, moreover, show that
Russian-American co-operation is
possible, and indeed effective despite
the crisis in Ukraine. The problem
is that Moscow’s idea of confronting
Isis is to partner with the Assad
regime, which is seen by the US as one
of the reasons that Isis exists in the
first place.
The more sceptical view — and
probably most realistic — is that
Moscow has seen in the mess of Syria
an opportunity to flex its muscle and
broaden its influence in the Middle
East, with the next moves and their
consequences not necessarily fully
thought out yet.
Admittedly, so many factions are
fighting each other in Syria that
adding a contingent of little green men
won’t make the situation significantly
worse. A good bet, though, is that,
whatever Mr Putin is up in Syria,
Russian intervention is unlikely to
make it better.
roula.khalaf@ft.com
Thursday 17 September 2015
Merkel steers a cautious course through Europe’s migrant crisis
OPINION
Nikolaus
Blome
S
he is perhaps the most power-
ful woman in the world, but
that does not mean she can-
not seem to change her mind.
Just 10 days ago Angela Mer-
kel unexpectedly declared an exception
to European rules, opening Germany’s
borders to trainfuls of people — most of
them refugees from the war in Syria —
whose passage had until then been
blocked by hostile Hungarian authori-
ties. Then, last Sunday, she announced
controls along the border with Austria
intended to better regulate the influx of
those refugees. Does the chancellor
know what she is doing?
Her initial embrace of the refugees’
cause chimed with a public mood that
also moved ZDF, the public broadcaster,
to air a prime-time charity appeal show.
It was a well-intentioned gesture, like
Symphony is a
real challenge
to Bloomberg
BUSINESS
John
Gapper
O
ver the years, many
“Bloomberg killers” have
launched and failed. They
have come for the king of
the financial data and ana-
lytics business and missed.
Now comes Symphony, a start-up
messaging service and technology plat-
form, nurtured by Goldman Sachs in its
tussle with Bloomberg. This is a prob-
lem: if there is one organisation that
other banks and investment managers
resent more than Bloomberg, it is Gold-
man. On past form, Symphony’s launch
this week could be written off.
That would be an error, not because
Symphony itself is bound to succeed but
because it need not kill Bloomberg to do
so. It is not attacking the target head-on,
like Bloomberg rivals such as Thomson
Reuters. It is using another approach to
technology to compete in a different
way, just as Android, the open source
mobile platform supported by Google,
took on Apple’s closed world.
It may flourish — and even if it does
not, its model could work for someone
else. Technology has evolved, making it
easier for rivals both to compete with
each other and to attack a bigger foe.
China’s economic facts and fakes can be hard to tell apart
ASIA
David
Pilling
W
e have long grown
accustomed to Chinese
fakes. Fake watches.
Fake DVDs. Even,
recently, a fake Gold-
man Sachs. But what if something more
fundamental were fake? What if China’s
gross domestic product numbers were
not all they were cracked up to be?
Many economists have long sus-
pected precisely that. For one thing,
China’s data for GDP growth have been
suspiciously smooth. While most econ-
omies are subject to booms and busts,
China’s has seemed to sail on regardless.
Another cause for doubt is that pro-
vincial figures and national data don’t
always add up. Nor, often, do Chinese
trade statistics matched against those of
its trading partners. Such discrepancies
are partly down to the sheer difficulty of
the ones that followed the 2004 tsunami
that killed perhaps 250,000 people in
south Asia.
But behind this display of generosity
lies a misunderstanding about what
welcoming refugees really entails. One-
time donations of money and a few
worn out clothes will not be enough.
The consequences of absorbing as
many as 1m are only just becoming
clear. Consider just one of them. As the
summer holidays ended, many schools
found their gyms given over to refugees.
That is logical enough; few other build-
ings have the bathroom facilities needed
to host large numbers of people. But it
will also be disruptive. Aside from
school classes, these gyms are home to
sports clubs for young and old. Germans
might be willing to greet arriving refu-
gees with sweets, but will they be willing
to give up their afternoon and evening
pursuits to put a roof over their head for
more than a few weeks? I doubt it.
Ms Merkel doubts it too, yet she is
in a good mood. Unlike the crisis over
Greece, this one seems to fit her talents
and tactics almost perfectly; it is set to
The fact that 14 others, including Black-
Rock, the world’s largest fund manager,
joined Goldman to back Symphony
shows that something has changed.
Bloomberg has always appeared to be
vulnerable: its orange and black
screens; its weird array of keyboard
commands; its reliance for 80 per cent
of its $8.5bn annual revenues on selling
terminals at a fixed price of $21,000 per
year each, with no discount even if they
are used only to send messages; its cult-
like internal culture created by Michael
Bloomberg, its founder.
Yet it prospers because, despite the
requirement for its 325,000 terminal
users to learn an entirely new language,
it focuses relentlessly on serving them.
The terminal seamlessly integrates
data, analytics, messages, and even the
ability to trade derivatives and bonds. If
something is wrong, or feels wrong, the
user calls and it gets fixed.
Bloomberg is more than a network; it
is a community. A portfolio manager
can chat online about a trade with a
salesperson at an investment bank,
review a spreadsheet and other data,
and execute it, all within their Bloomb-
erg terminals. It is the virtual equivalent
of the old-style stock exchange, a gath-
ering place for everyone in the finance
business. This makes it, as a rival says
enviously, “very sticky”.
How do you attack it? With difficulty,
many have found. Thomson Reuters, its
main rival, steadily lost ground despite
launching fightbacks and “Bloomberg
killers” — its market share in 2014 was
measuring activity in such a vast coun-
try. Partly, though, they result from per-
verse incentives through which officials
have been rewarded according to crude
measures of growth.
While China’s economy was thunder-
ing along at breakneck speed none of
this may have mattered too much.
Whether it was expanding at 8 per cent
or 10 per cent, the evidence of growth
was all around: in construction, in
migration to the booming cities and in
the palpable improvement in people’s
lives. Now that the economy is slowing
— possibly dramatically — gauging the
accuracy of GDP statistics matters
rather more. If China is growing at 7 per
cent, as Beijing claims, then, for all the
recent market ructions, technocrats are
pulling off a soft landing in the real econ-
omy even as they wean the country off
investment-led growth.
If, on the other hand, China is slowing
to 5 per cent or less, then hopes for a soft
landing may be in vain. That could risk
social unrest. Or it might persuade the
authorities to crank out further stimu-
lus measures, which would boost
growth in the short term but store up
longer-term problems in the form of
★ FINANCIAL TIMES
Comment
show her in the most favourable light.
The chancellor is said to think things
through from their end point back-
wards. Having anticipated that no one
was likely to stop those refugees on their
trip to Germany, she took the initiative
and invited them in. That early generos-
ity raised the moral pressure on other
big EU member states such as France
Early generosity made her
reintroduction of border
controls look like
pragmatism not prejudice
and the UK. It also made her reintroduc-
tion of border controls last weekend
look like pragmatism rather than panic
or prejudice. And it all might prod the
EU in the direction of a quota system
that distributes refugees across the EU,
as Ms Merkel has long desired.
Moreover, Ms Merkel calmed Ger-
mans in her distinctive way, by cutting a
giant, complex problem into lots of tiny
26 per cent compared with Bloomberg’s
32 per cent, according to Burton-Taylor,
a research group. Upstarts such as
FactSet, Markit and Capital IQ are grow-
ing but are relatively small.
One crack appeared in 2013 when
Bloomberg journalists were found to
have observed subscriber activity for
stories. Goldman, which pays for 2,500
Bloomberg terminals, and was develop-
ing its own messaging and communica-
tion system, protested loudly. It later
folded this software into Symphony to
encourage others to join.
Banks used not to worry about paying
Bloomberg’s bill. But times are tougher
— tighter regulation has hurt their bond
and currency trading divisions.
Bloomberg is also competing more
It is the virtual equivalent
of the old stock exchange,
a gathering place for
everyone in the business
unrepayable debt. Before we look at
current growth, it is useful to delve into
the past.
At the best of times, GDP is a pretty
crude measure of economic activity, let
alone human wellbeing. Much of China’s
growth has resulted from converting
young (unpaid) mothers into factory
workers, coal in the ground into energy
and pollution, and communal land into
private property. China, with its legacy
While most economies are
subject to booms and busts,
this one has seemed to
sail on regardless
of central planning, is better at measur-
ing crude industrial output than tertiary
activity.
Work by Harry Wu, an economist at
The Conference Board, an independent
research institute, concludes that, from
1978-2012, China grew at 7.2 per cent a
year. While that is spectacularly fast, it
is 2.6 percentage points below the offi-
cial 9.8 per cent estimate. Mr Wu finds
ones. Should public regulation of the
height of staircase railings be set aside to
quickly muster rooms for refugees in
former army barracks? That is a prob-
lem she can solve — and will. And it is
her low key, hands-on approach that
gives Germans confidence in the chan-
cellor. Her personal ratings are close to
record high.
Yet she will need to manage expecta-
tions meticulously. In Europe and — to
lesser extent — in Germany, the situa-
tion is getting out of control. This is why
ordinary people are rushing to help. But
if the strains continue to show, Germans
will soon hold the authorities responsi-
ble. They will begin with local govern-
ment, perhaps, but their discontent will
soon reach all the way up to the chancel-
lor. Even before the mood of public spir-
itedness begins to sour, Ms Merkel is
already trying to lower expectations, as
she has done before.
Horst Seehofer, the Bavarian prime
minister, did not intend to help the
chancellor when he argued over the
weekend for limits on the number of
new arrivals. But paradoxically, that is
directly with them by letting users exe-
cute trades directly, rather than using
bank-backed electronic trading plat-
forms such as TradeWeb.
No matter how angry Wall Street got
about such trends, it could not have
done much about them were it not for
the evolution in technology. Open
source software, cloud computing and
the internet have made it simpler to
compete with networks such as
Bloomberg. Symphony need not do eve-
rything — it can build a platform and let
others write software and applications.
This will be less like Bloomberg than a
Wall Street app store, on which a data
provider such as Markit, a bank such as
Goldman, or an asset manager such as
BlackRock offers pricing and data widg-
ets, or integrates theirs with others.
Some services will be private, with only
a few users; others open to all.
It will also be far cheaper — from only
about $15 per month for the basic mes-
sage service. Goldman wanted to build
its own messaging network so all of its
35,000 employees — from operations
that China overstates productivity
growth and underestimates inflation,
measured by something called the GDP
deflator. If the deflator is understated,
“real” growth, adjusted for inflation,
will be overstated. Mr Wu also finds that
authorities exaggerate growth in bad
times and play down the impact of
external shocks. According to his esti-
mates — which build on methods he
helped develop with the late Angus
Maddison — China grew at 4.7 per cent
in 2008 versus the official estimate of
9.6 per cent and just 4.1 per cent in 2012
compared with an official 9.7 per cent.
So what of the present? Capital Eco-
nomics is one of several research outfits
to take its cue from Li Keqiang, now pre-
mier, who in 2007 said that, rather than
trusting GDP, one should look at elec-
tricity, rail cargo and bank loans. Capital
uses an “activity proxy” comprising
freight movement, sea shipments, elec-
tricity use, property sales and passenger
travel. Those numbers are measured by
volume and thus are not subject to dubi-
ous price estimates. According to this
proxy index, growth in the second quar-
ter was running at 4.3 per cent, far lower
than the official estimate of 7 per cent.
exactly what he did. By opening fire, Mr
Seehofer became the first senior politi-
cian to suggest that German generosity
must have limits. That gave the chancel-
lor cover to take the same line.
Ms Merkel is having a better crisis
than she did earlier this year, when
Greece threatened to spiral out of the
euro for the second time in three years.
After at first allowing her finance minis-
ter to talk tough, she ducked off a final
confrontation with François Hollande,
the French president, who staunchly
opposed a Greek exit. In the end, Ms
Merkel did not secure the outcome
she wanted. But that did not stop
the rest of Europe from resenting her
for trying.
This time it is the other way round. By
standing out morally and by footing a
large part of the bill, Ms Merkel wins
praise. And she also wins the right to set
Germany and Europe on her favoured
course.
The writer is a German journalist and a
former editorial board member at Bild-
Zeitung und Spiegel
Matt Kenyon
and back-office staff to analysts — could
communicate even if they did not have a
Bloomberg terminal. Symphony simi-
larly aims to spread widely rather than
seizing the high ground.
The biggest obstacle is the buyside —
the asset managers and hedge funds at
which Bloomberg is entrenched, where
a new service is another screen to cram
on to a desk. Symphony will appeal to
investment banks with thousands of
back office employees, but what about
hedge funds with only a few?
It may yet rise up the ranks, spread
across the buyside, and knock the king
off the throne but that is unlikely.
Although Wall Street has fallen on com-
paratively hard times, it still has deep
enough pockets to buy Bloomberg ter-
minals for the elite traders and sales-
people who want them.
Symphony will not kill Bloomberg.
But it, or something like it, could make a
big impact by being different. That
counts as success.
john.gapper@ft.com
There is a wrinkle, however. Julian
Evans-Pritchard, chief economist at
Capital, concedes that the proxy index
fails to capture sufficient activity in the
service sector, where much of China’s
growth is to be found these days. As a
result, he says, growth is probably some-
where between the proxy index and the
official number.
Nicholas Lardy, from the Peterson
Institute for International Economics,
takes this argument further. Econo-
mists, he says, have mostly failed to
appreciate the dynamism in China’s
service sector, which now accounts for
nearly half of GDP. Much of this is not
reflected in data. Mr Lardy reckons
there is little reason to suspect China has
slowed below the official 7 per cent. In
this time of pessimism, it is a bold claim.
Crucially, it depends on the view that
China’s economic centre of gravity has
shifted from generally state-owned
manufacturing to generally privately
owned services. Such a shift is precisely
what China needs. If he is anything like
right, there may be a silver lining in the
increasingly grim numbers.
david.pilling@ft.com
13
Bleak years
ahead may offer
us unexpected
fringe benefits
OPINION
Tim
Harford
A
trio of economists has just
published an encouraging
new demonstration of the
truth of the adage that what
does not kill you can some-
times make you stronger.
They studied a strike that partially
shut London’s underground system for
a couple of days in February last year.
Using data from Oyster cards, the elec-
tronic tickets that London commuters
use, the researchers were able to spot
those who chose a different route during
the strike action, but never switched
back — presumably because they dis-
covered that their new route was better.
According to Shaun Larcom, Ferdinand
Rauch and Tim Willems, “many com-
muters were forced to experiment and
around 5 per cent stuck with these new
routes after the strike was over”.
This is cheering news for anyone who
fears that the rise of Jeremy Corbyn, the
leader of the opposition Labour party,
and his leftwing supporters may presage
a return to the industrial trench warfare
of the past. There is certainly scope for
things to get worse: while everyone is
fussing about the occasional tube strike,
the UK is losing a mere few hundred
thousand days a year to strike action; at
the most fevered moments in the 1970s
and 1980s, that figure topped 30m. Just
imagine how adept Londoners must
have been back then at choosing the
optimal commute.
But in these troubling times, there
must be broader lessons about how dif-
ficulties can sometimes lead to exciting
discoveries. In this spirit, rather than
In these troubling times,
there must be lessons
about how difficulties can
lead to exciting discoveries
fret about the future of British politics,
here is an optimistic view of unexpected
yet welcome developments that might
flow from forthcoming setbacks.
In 2016, the Labour party rips itself
apart, convinced Mr Corbyn will repulse
voters. (Voters themselves seem willing
to wait and see, but then they don’t yet
know him as well as his colleagues do.)
Centrist Liz Kendall, crushed in the
leadership election, defects to the Lib-
eral Democrats. An unexpected and
welcome discovery is that Ms Kendall
and the Lib Dems are made for each
other. Sensible, moderate and unelecta-
ble, they live happily ever after.
In 2017, urged on by the UK Inde-
pendence party, Conservative euroscep-
tics, and Mr Corbyn (eurosceptic on
Tuesdays and Friday afternoons only),
Britain votes decisively to leave the EU.
Mainstream politicians and business
leaders are stunned. This withdrawal
frees the UK to make its own laws, sign
up to whatever product standards it
wishes, and ban Polish plumbers and
French cheese. It turns out that Brits do
not wish to ban Polish plumbers or
French cheese, and life continues much
as before. An unexpected and welcome
discovery is that Ukip leader Nigel
Farage is no longer a required feature of
daily political life.
In 2018, wounded by the loss of the
referendum, David Cameron resigns as
prime minister. Feeling that they should
give Mr Corbyn a sporting chance, the
Tories elect Boris Johnson, London
mayor. An unexpected and welcome
discovery is that Mr Cameron’s heir
apparent George Osborne, chancellor,
quits in a huff, becoming a hilarious pre-
senter of current affairs show Have I Got
News For You.
In 2019, austerity reaches its zenith
and the National Health Service teeters
on the brink. British doctors realise that
they could have been working in Amer-
ica for three times the money and one-
third the aggravation. An unexpected
and welcome discovery is that some of
the invasive surgery the NHS likes so
much wasn’t really necessary anyway.
In 2020, to the astonishment of his
own MPs, Mr Corbyn leads Labour to
victory in a general election. Why so
surprised? He’s already beaten much
longer odds. He reopens the coal mines,
reflecting his commitment to the
Labour movement, before closing them
down again, reflecting his commitment
to a low-carbon future. During the
power cuts that follow, an unexpected
and welcome discovery is that our part-
ners are rather alluring by candlelight.
tim.harford@ft.com
14 ★ † FINANCIAL TIMES Thursday 17 September 2015

BUSINESS LIFE

‘
From Munich Some good may yet come from all
those harrowing scenes on
borders. In developing countries such
as India, hundreds of millions will
that draw in settlers. Instead, countries
such as Britain respond by clamping The review
to Mumbai, Mediterranean beaches and central
European railway stations. Public
concern for refugees fleeing conflict
migrate internally over the next few
decades. In general terms, businesses
welcome this shift from less productive
down, denying themselves skilled
workers and damaging their reputations
abroad. There are few things that Jobs film will upset fans but
bosses duck the and poverty in Syria could prompt a
sympathetic tilt in attitudes towards
farming villages to more productive
cities. But they also do little to back the
infuriate business leaders in countries
like India and China more than the
misreads underdog mindset
migration issue migration in general.
But the more likely response — and
kind of investments in infrastructure
or welfare services that could reduce
In Europe, many annoying hoops through which
they and their workers must now jump
TIM BRADSHAW

the one that should worry business — is
that public alarm over unchecked
newcomers will see a further collapse
in support for liberal approaches to the
movement of people around the world.
Businesses in wealthy countries such
simmering tensions in the country’s
already-bulging urban areas.
The basic problem in both cases is
that migration has mute backers but
noisy opponents. Most evidence shows
more open borders are an economic
like India, it to win visas to visit Europe.
has mute Worse may follow. The current members of Apple’s current
Syrian crisis will subside, but most management team blessed
backers estimates suggest that pressures for Becoming Steve Jobs as
but noisy higher migration will increase their preferred account of
dramatically over the coming decades. their former chief. Eddy Cue,

as Britain and Germany bear some
responsibility for migration patterns.
From fruit pickers to software
engineers, many companies prosper
from immigrant labour. Enterprises
gain more broadly from economies
that are flexible and open to talent too.
Yet while corporate leaders tend to
back more open borders, they at best
do so quietly in public, and often not at
all. “It is remarkable, and puzzling,
how silent business groups have been,”
says Professor Ian Goldin of Oxford
university, an expert on migration.
“They have said almost nothing about
the current crisis.”
In Europe, immigration politics are
often incendiary. Business fears wading
in, looking hopefully at panicky
politicians to make the case for them.
James Crabtree The idea that tens of thousands of
educated, middle-class Syrians could
Businessandsociety be usefully employed, were they
unable to return home, has thus barely
been given an airing.
This is part of a broader problem
that extends far beyond Europe’s
The digital world pioneer
is both cautionary tale and
inspiration for VR’s new
wave, say Tim Bradshaw
and Emma Jacobs
bonus. Migrants certainly benefit. But
recipient countries gain too, from
greater skilled labour and the fact that
their governments take in more in
taxes from new arrivals than they hand
out in benefits.
Much like trade, however, this
process creates losers as well as
winners, as reasonable migration
critics such as economist Paul Collier
and author David Goodhart point out.
Lower-skilled workers in rich countries
can see wages fall. Towns with rapid
influxes of people struggle to cope.
Newcomers threaten cultural
identities, and may erode support for
public welfare. While the benefits of
migration are often diffuse, their costs
are concentrated.
A reasonable approach would
therefore point towards supporting
fairly high levels of migration, while
also investing in many of the things
that could help to curb those costs —
more reception centres for refugees,
language lessons to help migrants fit in
and find jobs, or more houses in areas
’
opponents As developing nations get wealthier,
many more will have resources to
move countries. New technology
makes this easier too — aptly
illustrated by those trudging along
Hungarian rail tracks of late, armed
with backpacks and smartphones. Prof
Goldin predicts the total number of
global migrants will more than double
to roughly 500m by mid-century.
All this could be an economic boon,
not least for wealthier countries with
ageing populations and shrinking
workforces. But if no one is willing to
make the case for the benefits of
migration, or to think creatively about
how to deal with its costs, the odds are
that creeping fears of inundation will
only lead to more closed borders, and
greater tensions around them. If that
does happen, business will come to
regret its present silence.
james.crabtree@ft.com
The writer is FT Mumbai correspondent.
Michael Skapinker is away
Steve Jobs:
The man in the machine
Directed by Alex Gibney
Released by Magnolia Pictures
Now in selected cinemas, on
iTunes and on demand
Film-maker Alex Gibney
knows how to pick a
controversial subject for his
documentaries.
His examination of Apple’s
co-founder arrives at a time
of renewed debate about
Steve Jobs’ life. In March,
Brent Schlender and Rick
Tetzeli argued in their book,
Becoming Steve Jobs, that
their subject was too harshly
portrayed by his many
previous biographers.
Later this year, Danny
Boyle and Aaron Sorkin’s
drama starring Michael
Fassbender as the iPhone
impresario will go backstage
at key product launches.
Gibney’s addition to the
canon points out, like so
many others before him,
that Jobs was a man of
contradictions: the renegade
who wanted to be legit, the
humanist who denied
paternity of his first
daughter, the Wall Street
idol embroiled in stock
options and recruiting
scandals. “He had the focus
of a monk,” Gibney says as
narrator, his camera
lingering over Japanese zen
gardens, “but none of the
who heads Apple’s services
business, was rather less
enthusiastic about The Man
in the Machine, calling it “an
inaccurate and mean-
spirited view of my friend”.
It is not hard to see where
Apple loyalists would object.
Early on, the film-maker
professes his love for his
iPhone and Pixar movie
Wall-E, but says he
struggled to understand the
global outpouring of grief in
2011 at the death of a man
he calls “ruthless, deceitful
and cruel”. He supports this
argument by recalling
suicides at Apple’s suppliers
in China, investigations of its
overseas profits and ripped-
off colleagues such as Steve
Wozniak and Daniel Kottke.
Yet by failing to include
Jobs’ heirs and bring the
story up to date, Gibney
misses an opportunity to
examine the company that
survives him — at a crucial
moment for the iPhone
maker’s leadership.
“Jobs’ genius was how he
sold the iPod. It wasn’t a
machine for you, it was you,”
Gibney says. As Apple
pushes beyond phones into
watches, televisions, even
cars, it is still figuring out
how to sell these new
categories without its
master marketer.
Gibney criticises Jobs for
“behaving as though Apple
was a start-up”, despite it
becoming one of the world’s
most valuable companies,
yet the film-maker

T
en years after they were empathy.” underestimates the
published, the magazine The familiar stories told in energising force of playing
covers hailing Second Life this documentary are the underdog.
as the future of the digital brought to life with “This is a field in which
economy still hang on the extensive interviews with one does one’s work and, in
walls of Linden Lab, its creator. former Apple employees 10 years, it’s obsolete,” a
The hype faded long ago from the and Jobs’ associates, as well young, bearded Jobs tells us
user-generated virtual world, however. as archive footage that towards the end of the film.
Visitors can still wander around a recon- includes his first screen test. Apple is about to enter its
struction of St Paul’s Cathedral, go line Just as compelling are fifth year without its co-
dancing at a country and western club, clips from the March 2008 founder. All these
watch planes land at an imaginary air- video deposition, where controversies about Jobs’
port — or get their pixelated kicks at Jobs squirms constantly in life may soon give way to
adult venues. his seat as he is quizzed renewed debate about the
But while Linden says there are still over allegations of future of the company he
almost 1m regular users, the niche feel is backdated stock options. left behind.
a far cry from the headline-grabbing Absent from the screen,

Second Life eyes second act

days when Reuters thought it necessary however, are any current The reviewer is an FT San
to open a virtual bureau to report on the Apple employees. Several Francisco correspondent
goings-on of players and their “avatars”,
or digitised representatives.
Now though, the people behind The riff

as virtual reality matures

Second Life are gearing up for a second
act, thanks to the advent of virtual real-
ity headsets such as Oculus Rift.
As Facebook-owned Oculus, Sony’s
PlayStation, smartphone makers HTC
and Samsung, and games publisher
Valve prepare virtual reality headsets
for launch in the coming months,
Second Life is serving as inspiration —
and cautionary tale — for a new genera-
tion of virtual-world companies.
This summer, San Francisco-based
Linden Lab began testing a new virtual
world dubbed Project Sansar, with
updated 3D graphics and an entirely
new business model.
“Second Life is obviously the thing
that we and everyone else can learn the
most from as it’s the most successful vir-
tual world,” says Ebbe Altberg, Linden
Lab’s chief executive.
Across town, Philip Rosedale, Linden
Lab’s founder and former chief execu-
tive, is trying to bring to life the sci-fi
vision of the “metaverse”, a whole uni-
verse of virtual worlds, with his latest
start-up, High Fidelity.
And down the highway in Silicon Val-
ley, AltspaceVR is working on a VR-
based communication platform of
its own.
Mr Rosedale, who has devoted his
career to virtual worlds, is convinced
that their moment has finally arrived.
“Why all the hype around Second Life
and why now the hype around Oculus?
It’s because this is going to happen,” he
says. “These projects are driven by inev-
itable changes in human behaviour and
communication.”
But Mr Altberg, a former Yahoo exec-
utive who joined Linden Lab in 2014,
believes Sansar must overhaul not just
the graphics and design of Second Life
but its entire business model to
succeed.
Economic activity within Second
Life is based on property. Some
participants have bought swaths of
virtual land from Linden Lab,
developed it into a resort and then
sublet it to casual users, turning a
real-world profit in the process.
Sansar replaces that with a trans-
action-based business model.
Avatar Linden Lab will take a cut of any pay-
entertainment: ments made between its community
a gathering in members, similar to Apple’s 30 per cent
Second Life. commission in the iPhone’s App Store.
Below, an Put simply, Sansar will have “lower
Oculus Rift property tax, higher sales tax”, Mr Alt-
virtual reality berg says. “Unless you monetise it, land
headset in Second Life is too expensive.”
Wagner James Au, author of virtual
reality blog New World Notes, says vir-
tual fashion entrepreneurs form a sec-
ond category of users who have made
money from Second Life: creating boots,
clothes and hats for avatars.
“Judging by the popularity of adult-
rated areas in Second Life, virtual porn
is probably the third category,” Mr Au
adds.
While Mr Altberg says freedom and
openness was what made Second Life a
success, he concedes that it “didn’t do
enough early enough to separate out
certain types of content” — a delicate
balance it is “still dealing with today”.
“That’s something we’ll sort out from
the beginning in Sansar: to ensure cer-
tain kinds of content have metadata
that can be sorted and filtered,” he says.
The risk of encountering flying geni-
talia did not deter many big companies
from setting out their stalls in Second
Life back in the mid-2000s.
PA Consulting got involved in the
early days, running a conference in the
virtual world, inviting clients to explore
how they could use the technology and
also doing training for an oil and gas cli-
ent there. Five years ago, it wound up its
Second Life office.
Dan Rossner, a digital expert at the
consultancy, says it was a useful learn-
ing experience but “not from a reve-
nue perspective”. Rob Gear, PA Con-
sulting “futurist”, makes the point that
Second Life was never “the only game in
town” and that other platforms were
experimented with.
Justin Bovington created a Sec-
ond Life concert with 1980s pop band,
Duran Duran, as well as providing con-
tent for IBM and Adidas.
“The recession hit and budgets for
experimentation were scrapped. The
big problem in corporate use was that
there was an initial steep learning curve
and only then was there a good experi-
ence,” he recalls.
For many companies, it was a brilliant
public relations exercise at first, says Mr
Bovington, now a creative industries
strategist at the UK’s Plymouth Univer-
sity. “With the Duran Duran concert it
got great PR. I was on television
programmes. But you can’t do that
continually.”
So why am I here?
Sibley Simon believes few tech
products were “as perfect for a
boom-and-bust cycle as Second
Life”. Mr Simon founded The
Electric Sheep Company, which
created software and content for
virtual worlds; he is now working
for a housing group in California.
What fuelled the cycle, he says,
was that it made a great news
story, people could understand the
technology and believed that “tens
of thousands” were making money
from it. As well as hype, clunky and
unintuitive software was an
impediment.
Eric Romo, founder of
AltspaceVR, says he has absorbed
the lessons as he develops its
avatar-based communications
software. “One of the big pieces of
feedback is people got [to Second
Life] and didn’t know what to do.
“We want to show people what
you do with the products and give
them exciting ideas.”
Since Second Life’s launch, social
media has sprung up, he points out, giv-
ing a fresh way of sharing content gener-
ated in a virtual world: “We’ve moved
very fast in the past five years.”
Mr Au believes that large companies
are about to repeat the same mistakes
they made during Second Life’s hype
period, investing in VR projects “in an
attempt to seem cutting edge, with little
or no understanding of the actual mar-
ket for VR, or its prospects of becoming
an actual mass market product”.
With Second Life, they mistook
breathless media coverage for actual
users and actual user growth, when in
fact, Second Life was “during its hype
period, and still is, a midsized MMO
[massively multiplayer online game] at
best”.
There is nothing more embarrassing,
he says, than a company attempting to
seem forward-thinking, only to conspic-
uously embarrass itself. It is, he says,
“the corporate equivalent of a man in
the midst of a mid-life crisis inviting
hundreds of twentysomethings to a
nightclub he bought, only to have none
of them show”.
Unless a company has a direct rela-
tion with the actual, existing VR market
— hardcore gamers — it should keep its
involvement with virtual reality mod-
est, low-key, and exploratory at best, he
believes.
For those that do want to experiment,
Linden Lab, AltspaceVR and High Fidel-
ity are all working to ensure that doing
so is much simpler — and cheaper —
than it was in Second Life.
“We are attempting to democratise
the creation of virtual experiences,” Mr
Altberg says.
“We do have an unfair advantage in
what it takes to do these kinds of
things . . . Through a lot of positives and
through a lot of pain, we have learnt a
tremendous amount.”
Middle manager as warrior
EMMA JACOBS
I recently met a man at a
party who struggled to
describe his job. In the end,
he gave up and said with
both a shrug and a grimace:
“Basically, I’m a middle
manager.” The message he
conveyed was I shouldn’t
bother talking to him.
Middle managers are a
much maligned breed, mired
by a reputation for petty-
mindedness, strangling the
ambitions of those below
them and creating an
unwanted, unnecessary
layer of bureaucracy. The
result is they are prone to
suffering worse anxiety and
depression rates than those
above or below them in the
corporate hierarchy,
according to research
published this year by
Columbia University
Mailman School of Public
Health.
So it was refreshing to
find a report heralding the
male middle manager. The
report by Cranfield
University School of
Management describes such
employees as the “linchpin”
in the move to achieve
workplace equality. Rather
than seeing himself as a
desk-bound pen pusher, my
beleaguered partygoer may
be better off thinking of
himself as a front-line
soldier in the war for
equality.
In order to overcome the
ghettoisation of gender
issues as women’s problems,
male champions have been
sought. Senior men have
been the prize catch —
particularly when it comes
to getting women on boards.
It has become quite the
thing for male chief
executives to come out and
send a message to their
organisation about the
importance of change. The
UN Women’s HeForShe
campaign, for example,
enlists Dominic Barton,
McKinsey’s managing
director, among others.
Yet while this is important,
the people that affect the
day-to-day misery and
happiness of work life are
often the middle managers.
The Cranfield report says
that small-scale actions,
“particularly practised by
men in management roles,
are key”.
Thursday 17 September 2015 ★ FINANCIAL TIMES 15

ARTS

Hard-hitting T H E AT R E

Kinky Boots

dramas make Adelphi Theatre, London

aaaee
Ian Shuttleworth

seaside waves The past year alone has seen Made In

THEATRE
HighTide Festival
Aldeburgh, Suffolk, UK
Griselda Murray Brown
Now in its ninth year, HighTide Festival
has become an important platform for
“emerging” — and more emerged — Brit-
ish playwrights. This year the organisa-
tion has produced and co-produced four
plays for its 10-day event, whose pro-
gramme also features script readings,
talks, comedy and music shows. The fes-
tival has moved from Halesworth to the
pretty seaside town of Aldeburgh, where
venues range from the large Jubilee Hall
(original home of the Aldeburgh Music
Festival established by Benjamin Britten
in 1948) to a tiny Victorian pumphouse.
Lampedusa, a searing play about
migration and immigration by Anders
Lustgarten, is staged in a dome-shaped
tent on Aldeburgh beach. It flaps in the
wind and seagulls cry as out-of-work
fisherman Stefano (Steven Elder)
describes his job as a coastguard hauling
dead bodies from the sea. The small Ital-
ian island of the title is struggling to
accommodate the refugees arriving in
teeteringboats,butmanydonotmakeit.
Stefano’s story is told alongside that
of Denise (Louise Mai Newberry),
a spiky payday loan collector in York-
shire struggling with racist insults from
clients (she’s half Chinese) and the
threat of her mother’s disability benefit
being withdrawn.
Lustgarten is an activist as well as a
writer and at times the play tips into
polemic, but the two stories work beau-
tifully together, and the finale is nothing
short of heart-rending. Lampedusa was
first performed at London’s Soho Thea-
tre earlier this year to great acclaim
(including four stars from the FT) and
Razor-sharp transfers to the Unity Theatre in Liver-
dialogue: Luke pool this month. As Europe’s refugee cri-
Norris’s ‘So sis worsens, it feels more urgent than
Here We Are’. ever. AAAAE
Below right: Al Smith’s Harrogate, premiering at
Matt Henry as HighTide, is another intense two-
Lola in ‘Kinky hander. A fraught father-daughter rela-
Boots’ tionship unfolds over three acts, with
Nobby Clark
Nick Sidi playing the father in each while
Johan Person Sarah Ridgeway shifts roles subtly as
things progress (to say any more would
reveal the twist). He wants to control his
teenage daughter, doling out money but
only for the “right” shoes or a particular
phone. His frequent reminders of what
he has paid for, and what she owes him,
become a nervous tic: a sign that some-
thing isn’t right.
In this family, relationships are con-
ducted as a series of tense transactions
by which each party tries to satisfy
desires they can’t quite admit to. They
play games with each other just as Harro-
gate plays games with its audience, set-
ting up and then confounding our expec-
tations. On a high traverse stage, set
designer Tom Piper’s empty white
apartment feels as stark and sterile as
the hospital where the mother works: it’s
as though her family is being offered up
for examination. Smith’s writing is
punchy, sometimes bruising, and the
performances — particularly Ridgeway’s
— are compelling. AAAAE
Repressed sexuality is also a theme of
Luke Norris’s new play So Here We Are,
which transfers to Manchester’s Royal
Exchange Theatre later this month.
After Frankie’s funeral, four of his
friends — his five-a-side-football team-
mates — are waiting for a lift home. Con-
versation slips from boyish banter to
cutting jibes and pangs of grief.
These are friendships begun in child-
hood, marked by shared experience and
deep understanding but also, now, by
distance among the men. And a question
hangs over the play: was Frankie’s death
really an accident? The second half
shows us the days preceding it, the lies
and longing of a young man adrift.
Norris’s dialogue is razor sharp, and
his portrayal of male friendships in a
working-class Essex town feels spot on.
The cast is excellent and Steven Atkin-
son’s direction sensitive, varying the
tempo nicely and drawing out the black
humour. But the second half is less
convincing, the explanation for
Frankie’s death too neat and his charac-
ter too sketchily drawn. The first half
shows Norris at his best, peppered with
witty one-liners and underscored by a
poignant sense of loss, the friends
mourning Frankie, themselves and a
childhood suddenly ended. AAAEE
E.V. Crowe’s Brenda, too, explores
shifting identity. “I’m not a person,” the
eponymous young woman (Ali-
son O’Donnell) tells her loving,
worried boyfriend (Jack Tarl-
ton). Struggling to meet their
rent, the couple prepare to
address a community action
group who might be able to
help. But for Brenda, even say-
ing her name is a challenge.
Marked by long silences and surreal
imagery, Brenda plays bold games with
reality and theatricality, but ultimately
fails to convince. Who is Brenda and
what happened to her? We never find
out. Perhaps that’s the point, but some-
one who thinks she’s not a person should
still feel like a character. AAEEE
To September 20, hightide.org.uk
Dagenham (boo) and Bend It Like Beck-
ham (hooray), and now this 2012 musi-
cal of the 2005 film finally gets its
West End premiere under its original
director/choreographer Jerry Mitchell.
All three shows are in slightly left-
field territory: in this case, the fact-
based story of a Northampton shoe
factory which, faced with closure,
refocuses on the niche market of quality
footwear for cross-dressers. The
“eureka!” moment comes when they
figure out how to engineer stiletto heels
that will take the full weight of a man.
But, however loud the opening-night
whoops for the drag chorus line, a more
universal element is required for maxi-
mum commercial oomph. So here,
every “I Am What I Am”-type number
defiantly addressing sexual identity is
matched by one about stepping out of
your father’s shadow, as factory owner
Charlie and drag artiste Lola (né Simon)
find how much they have in common
and bond in a non-sexual way.
Personal identity through gay flam-
boyance is classic Harvey Fierstein
territory, and his script here is efficient
yet engaging. He preserves most of the
gag lines from the original screenplay,
and the changes he makes compact or
intensify particular effects rather than
fabricate new episodes. Cyndi Lauper’s
rock-pop songs, too, are serviceable,
with few breakouts other than the all-
cylinders act finales.
Matt Henry struts and slinks with
abandon as Lola. Killian Donnelly’s
Charlie is personable, though his
singing voice is more than half-
way across the Atlantic. Jamie
Baughan is likeably unlikea-
ble as Don, the factory
homophobe who comes good
in the end.
It all does a fine job of using the
screen story for a bit of a cavort, but to
get much more out of it I suspect you
might have to walk a mile in its
thigh-high scarlet stilettos.
kinkybootsthemusical.co.uk

THIS EVENING’S TELEVISION

Pick of the day

The technologically
challenged may find
Calculating Ada: The
Countess of Computing
(BBC4 9pm) occasionally
tough, but there’s fascinating
information in this history of
the first published computer
programmer and prophet of
the computer’s true power,
who was (a) a woman born
before Victoria and (b) the
daughter of Lord Byron. Ada,
Countess of Lovelace, was
genuinely brilliant, her vision
of the “analytical engine”
outstripping her mentor, the
great Charles Babbage.
Racing debts (she had her
own syndicate) and death at
36 led to Ada’s sidelining for
nearly a century until Alan
Turing rediscovered her. Dr
Hannah Fry’s (pictured)
presentation is fiercely
partisan and engrossing.
Hedge fund moguls, who’d
trust ’em? The thriller
Arbitrage, with Richard Gere
and Tim Roth, sows serious
doubts (Film4 9pm).
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Eat Well for Less?
Gregg Wallace and Chris
Bavin help the Austens
from West Sussex, who
are devoted to
expensive brands.
9.00 Who Do You Think You
Are? Actress Anne Reid
researches her family tree
on her father’s side,
putting her on the trail of
an ancestor in Scotland
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Question Time. Topical
debate from Wembley.
11.35 Disabled in an Instant.
Actor and wheelchair
sportsman Peter Mitchell
follows the stories of three
young people who are
discovering what life is like
with a disability. Previously
shown on BBC Three.
6.00 Eggheads. Quiz.
6.30 Terry and Mason’s Great
Food Trip. Terry Wogan
and Mason McQueen taste
lardy cakes in Salisbury.
7.00 Iolo’s Great Welsh Parks.
Naturalist Iolo Williams
explores Breakwater
Country Park in Holyhead,
a once-abandoned old
industrial site-turned-
urban park on the coast
of Anglesey.
7.30 Great British Menu.
8.00 World’s Weirdest Events.
Chris Packham explores
bizarre stories from across
the globe, from a man
who gets drunk without
touching a drop of
alcohol to chart-topping
molecular music.
9.00 Cradle to Grave.
9.30 Boy Meets Girl.
10.00 Mock the Week.
10.30 Newsnight.
11.10 Weather.
11.15 Horizon: Are Video Games
Really That Bad? R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
8.00 Coronation Street.
8.30 Flockstars. Gabby Logan
presents the final of the
celebrity shepherding
competition.
9.00 Stephen Fry in Central
America. Stephen visits a
biological research station
and a football derby in
Costa Rica, before crossing
the border and learning
how to dredge the Panama
Canal.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 UEFA Europa League
Highlights. Action from the
group stage matches in
week one, including Ajax v
Celtic, Bordeaux v
Liverpool, Tottenham
Hotspur v FK Qarabag,
Anderlecht v Monaco and
Napoli v Club Brugge.
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News. Including
sport and weather.
8.00 George Clarke’s Amazing
Spaces. New series.
George meets a father
and son building an
ambitious clifftop retreat
and visits a modern house
in a medieval German
town. Will Hardie sets
out to transform a
beach hut.
9.00 Hunted. Brothers Harinder
and Davinder Singh from
Leicester are travelling the
UK within their community
of extended family and
friends. But they soon
begin to miss their
loved ones.
10.00 First Dates. Dating show in
which singletons meet up
with potential partners at a
restaurant, including
Texan-born Aaron, who
wants to know how to
charm British women.
11.05 Gogglebox. R

BBC3
7.00 Top Gear. 8.00 Don’t
Tell the Bride. 9.00 Being
Human. 10.00 EastEnders.
10.30 Russell Howard’s
Good News Extra. 11.15, 11.40
Family Guy.
BBC4
7.00 World News Today. 7.30 The
Sky at Night. 8.00 Ian Hislop’s
Age of the Do-Gooders. 9.00
Calculating Ada: The Countess of
Computing. 10.00 Horizon: Do
You Know What Time It Is?
11.00 Lucy Worsley’s Reins of
Other channels
Power: The Art of Horse Dancing.
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Ultimate
Police Interceptors. 8.00 Benefits
Britain: Life on the Dole.
9.00 Celebrity Big Brother.
10.00 The Special Needs Hotel.
11.00 Celebrity Big Brother’s
Bit on the Side.
More4
6.50 A Place in the Sun: Winter
Sun. 7.55 Grand Designs. 9.00
Titchmarsh on Capability Brown.
10.00 24 Hours in A&E.
11.10 Embarrassing Bodies.
Film4
6.45 Marley and Me. 9.00
Arbitrage. 11.10 Man on Fire.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods.
9.00 Gangs of New York.
Sky Sports 1
6.00 Boots ’n’ All. 7.00 Barclays
Premier League World. 7.30 Live
First Utility Super League. 10.30
NFL: Dwight Freeney Interview.
11.00 Live NFL Pre-Game Show.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30
The Simpsons. 8.00, 8.30 Modern
Family. 9.00 Wedding Crashers.
11.20 NCIS: Los Angeles.
Sky Arts
6.30 Beat Beat Beat. 6.45 British
Legends of Stage and Screen.
7.45 Hollywood: Singing and
Dancing. 9.00 Three Kinds
of Stupid. 9.30 The Goat.
9.55 The Scarecrow. 10.20 From
Here to Eternity.
16 ★ FINANCIAL TIMES Thursday 17 September 2015

Wait your turn(round)

Hewlett-Packard
Share price Sep 2015
(latest)
Jan 2005 $27.11
Twitter: @FTLex Email: lex@ft.com $20.07
Aug 2008 Meg Whitman has
cut costs, improved
HP acquires EDS Oct 2011 the balance sheet,
AB InBev and SABMiller: acquisition machines can thrive even HP acquires Autonomy and kept the cash Luxury in China:
without the deals. Either way, by then flowing at HP.
get another round in all the excitement in the industry Revenue ($bn)
Growth and higher false dawns
might well have drifted down to the Total operating costs* ($bn) Employees (’000)
profitability have
Quirky names. Hand drawn labels. quirky names and funny flavours. 120 400 proved harder. Can the luxury industry thrive even as
Funny flavours. Craft beer is big news 100 the Chinese consumer retrenches?
in brewing. Customers love the small 300 Trading figures from Prada and
guy. What better backdrop, then, for 80 Compagnie Financière Richemont
the world’s largest brewer by volume to China car dealers: yesterday were better than expected,
attempt to buy the second largest? 60 200 despite the turmoil gripping the world’s
Everything about AB InBev’s beating the traffic 40 most populous country. Shares in both
approach to SABMiller is big. Take the 100 popped. Who needs Beijing?
combined enterprise value of $306bn, Time to shift into a lower gear. Last 20 Well, maybe. Both companies
or the combined net profit of $13bn week, China’s Association of 0 0
reported strong growth in Europe and
that the two made last year. Automobile Manufacturers said that Japan, which did help to compensate for
The benefits of a deal are also big. August car sales fell 3 per cent year-on- 2005 06 07 08 09 10 11 12 13 14 15 weaker growth, or outright contraction,
For AB InBev the deal would fill in gaps year, the third consecutive month of * Costs of goods sold, selling & administrative costs, and research & development (estimate) in China. But at least some of this uptick
in its portfolio, most notably in Africa decline. The slowdown is hitting FT graphic Sources: Capital IQ; Bloomberg is down to Chinese customers travelling
where SABMiller generates 29 per cent dealers as well as carmakers. overseas.
of its annual revenues, but also in parts This year the dealers began to even Meg Whitman puts the HP in will be conveniently hard to read. more efficient as it gets smaller. Their choice of destination is often
of Latin America. And the cost savings the balance of power with chutzpah. She showed it at In research and development, the Operating margins are below 2011 influenced by relative exchange rates,
would also be hefty. Assume AB InBev manufacturers. International marques yesterday’s analyst day, where she one area where HP is proud to claim levels. Returns on capital are flat so a weak euro will have drawn tourists
can strip out 13 per cent of SABMiller’s had been leveraging their popularity by gave a highly selective assessment of costs are rising, it overstates the case. despite helpful writedowns. The there. We may soon find out how
costs — the level promised when it stuffing dealerships with inventory. In Hewlett-Packard’s performance R&D spending has indeed risen every company boasted of the 131 per cent significant that effect is: since China’s
bought Mexico’s Grupo Modelo in 2012 January, BMW agreed to rebate its against its 2012 turnround plan. year as a percentage of revenues. But rise in HP shares since their devaluation in August, the renminbi has
— and there could be savings of $2.3bn. Chinese dealers more than $800m. In That plan promised revenues only because revenues are falling. In November 2012 low. It did not fallen by more against the euro and yen
AB InBev has a good record of interim results, dealers alluded to a would grow faster than costs in 2015, absolute terms, R&D is essentially flat mention how it has trailed the than against the dollar.
achieving promised savings. There more supportive relationship with and at the same rate as GDP in 2016. at $3.4bn: it declined slightly in 2013 market since Ms Whitman took over Currency fluctuations also flattered
should be few doubts about its ability luxury brands, even as inventory Yet revenues are on course to decline and was up a princely $8m in 2014 and fallen by a third this year. the reported results; Prada’s China
to deliver. But the challenges are also across the industry remain high. this year, as they have every year compared with 2012. Prudent Ms Whitman inherited an awful sales were down 1.2 per cent in
big. Start with the price. If AB InBev Any newfound negotiating power since Ms Whitman became CEO in rebalancing perhaps, but not the path mess. Her predecessors presided over reported terms but tumbled by 19.1 per
offers a 30 per cent premium, it would was absent from the dealers’ interim 2011. The most likely scenario in to out-innovating the competition. decline and awful acquisitions. She cent at last year’s exchange rate. Yikes.
have to bid $98bn for SABMiller’s results reported over the past few which they will grow as quickly as the Overall costs are down. They ought has hammered the balance sheet into Prada is responding sensibly to the
shares as well as taking on its $10bn of weeks. Net profits at dealers such as economy in 2016 is a global to be: 54,000 jobs have been cut since sounder shape and kept the free cash turmoil in parts of Asia by scaling back
net debt. AB InBev already has net debt Hong Kong-listed China ZhengTong, recession. By then, of course, HP 2012 (about a sixth of the total then). flowing even as sales have its store opening programme. Its
of 2.5 times earnings before interest, Zhongsheng and Baoxin Auto fell by will have divided into two — an Another 30,000 redundancies have just contracted. flexibility in other areas is limited:
tax depreciation and amortisation. between one-fifth and one-half. enterprise technology business run been announced. So changes are being She has, in short, arrested the along with most luxury goods
Assuming the deal is all in cash (as There are bright spots. Baoxin Auto by Ms Whitman and a legacy PC and made. The company does not, decline, and deserves credit for that. manufacturers, it has refrained from
InBev’s takeover of Busch in 2008 was) said that the contribution of parts and printer business — so the scorecard however, seem to be getting much She has not, however, reversed it. cutting prices. Its results also showed a
and ignoring cost savings and disposals, services to revenue grew 5 per cent significant increase in stocks of both
that could rise to over six times. year-on-year. These sales account for raw materials and finished goods. It
The other challenge is the regulators. an eighth of the total, but they bring says this is a short-term fluctuation
AB InBev had a job getting the Modelo margins 10 times higher than for new Manufacturers may have to make conditions. Passenger jets are selling division did better than that, up over a attributable to changes in the way its
deal past US authorities. SABMiller’s cars, so they make up two-thirds of more concessions to Chinese dealers in well. Both Airbus and Boeing, key tenth. But profits have, apparently, supply chain is run. But if demand
50 per cent stake in MillerCoors would gross profit. Second-hand car sales rose the near future. customers, are seeing steady if not fallen (Zodiac will report the full continues to slow, it could remain a
probably have to be sold. Assets in 6 per cent nationwide, according to spectacular growth in deliveries. results in November). burden. In general, the capitally
China might also have to go. Zhongsheng, faster than new cars. Over Boeing has an order backlog of 10 Zodiac’s shares, even after analysts intensive luxury goods model of
But the minutiae of the deal should the longer term, too, Fitch points out Zodiac Aerospace: years. Together, Boeing and Airbus will slashed their estimates, do not look owning rather than franchising stores
not distract attention from the really that auto financing will grow. In 2013, need about 290,000 seats this year cheap. Even looking into 2016, the increases the upside when things are
big question. AB InBev is an acquisition financed purchases were under a fifth year of the bear alone, of which Zodiac should supply at company’s enterprise value is 10 times going well, but amplifies the downside
machine that has swallowed up of overall sales volumes, compared least a third. its forecast earnings (before interest, when they are not.
Interbrew, Anheuser-Busch and Grupo with 85 per cent in the US. The stars are not lining up for Zodiac All the more mystifying, then, that taxes, depreciation and amortisation) Over two-and-a-half years, forecasts
Modelo. Its shareholders should be Another route to profitability could Aerospace, the French maker of Zodiac is struggling to convert demand — a fifth above the historical average. for Prada’s 2016 earnings have come
thankful — over the past five years its be consolidation. The Hong-Kong listed aircraft interiors and safety systems. into better cash flow. While sales have Credibility, not good fortune, is what down by 56 per cent. The shares (in
shares have more than doubled against dealers have similar geographical Over the past year it has suffered doubled over the past five years, free this company needs. In order for euro terms) are down 48 per cent. It is
SABMiller’s 50 per cent rise (ignoring footprints, focused on central and repeated delivery delays for a product, cash flow has disappeared, even though profits to have fallen by so much more a similar story, with smaller declines, at
yesterday’s moves). eastern China, and carmakers have so seats, that contributed roughly a there has been no particularly than expected, UBS thinks that Zodiac Richemont. The latest bit of good news
But after SABMiller, there is nothing far avoided exclusive distribution quarter of profits last year. The aggressive investment programme. must have lost about €160m in the seat aside, China still matters immensely.
in the world of brewing big enough to deals. On Tuesday, mainland-listed problem has not been solved. After the Increases in working capital seem to division alone, a reverse of €300m
make a difference for AB InBev. So dealer China Grand Auto said that it close on Tuesday, Zodiac slashed its be the problem. After stripping out from the prior year. Management must
what does chief executive Carlos Brito might buy a stake in Baoxin, whose profit forecasts for the year to August foreign exchange gains from a weak provide a clearer breakdown of its Lex on the web
For notes on today’s breaking
do then? Move into spirits? Move into shares rose as much as a quarter in almost in half. Yesterday, the shares euro, group revenues have risen more profitability and cash flows, and soon, stories go to www.ft.com/lex
foods? Or perhaps just try to prove that response. Its peers rallied, too. fell a fifth. It cannot blame industry than 2 per cent this year. The seats if its star is to ascend again.

Forecasts by

14 1010 1000 18
14 990 16
LO 20
14 HIGH
6 LO 23 1020 Luxembourg Shower 15 59
16 Lyon Shower 19 66
16 16 Madrid Sun 21 70
17 17 29 23 Manchester Fair 16 61
24
18 Miami Thunder 30 86
15 15
16 15 16 Milan Shower 27 81
16 Montreal Sun 27 81
19 33
16 16 Moscow Cloudy 20 68
17 18 1 0 1 0 LO 29 Mumbai Cloudy 32 90
16 19 31 Munich Rain 20 68
17 30
18 New York Sun 29 84
1010
1 Nice Thunder 25 77
17 22 21 33 Paris Cloudy 19 66
28 31 33
18 34 Prague Fair 26 79
25 Reykjavik Fair 13 55
OW 31 37 28 33 Rio Sun 33 91
1000
Wind speed in MPH at 12 BST 30 Rome Sun 31 88
Temperatures max for day˚C Wind speeds in KPH 29 San Francisco Fair 22 72
Stockholm Rain 19 66
Today’s temperatures Strasbourg Rain 18 64
Abu Dhabi Sun 39 102 Belgrade Sun 37 99 Copenhagen Cloudy 20 68 Hamburg Shower 20 68 Sydney Shower 16 61
Amsterdam Rain 17 63 Berlin Rain 24 75 Delhi Sun 37 99 Helsinki Cloudy 18 64 Tokyo Rain 19 66
Athens Sun 33 91 Brussels Shower 16 61 Dubai Sun 38 100 Hong Kong Fair 30 86 Toronto Sun 27 81
B’ham Fair 17 63 Budapest Sun 33 91 Dublin Shower 16 61 Istanbul Fair 26 79 Vancouver Rain 17 63
Bangkok Shower 32 90 Buenos Aires Sun 18 64 Edinburgh Shower 16 61 Jersey Fair 17 63 Vienna Sun 32 90
Barcelona Sun 28 82 Cardiff Fair 17 63 Frankfurt Rain 18 64 Lisbon Sun 22 72 Warsaw Sun 29 84
Beijing Fair 27 81 Chicago Fair 30 86 Geneva Shower 17 63 London Fair 18 64 Washington Sun 30 86
Belfast Shower 15 59 Cologne Shower 18 64 Glasgow Shower 16 61 Los Angeles Sun 27 81 Zurich Rain 16 61

CROSSWORD ACROSS
1 Nameless criminals, funny guys
3 Old drum makes little boy dance
endlessly (6)
No. 15,038 Set by BRADMAN (8) 4 Get torn apart about imperial
       5 Compliant priest, having measure being given up (9)
returned to GP? (6) 5 Is Henry appearing in
8 Religious father of Joshua (3) transvestite attire? Just a bit of
 
9 Some gannet munched fruit (10) cloth (7)
10 Someone ferocious to you and 6 Box with bitd of food – they may
me, creating hell (8) seem stale (9)
 
11 Cane to beat rotten fellow earlier 7 Shrub worker found in wood (7)
(6) 13 Cry of pain with daughter in
12 Agreement will make president built-up area coming to ground
do something (4) (9)
    
14 Initially cook is arguing about 15 His rude son, shunning Society,
cake ingredient (5,5) badly brought up (9)
17 Our tour goes awry with the 16 Groups of soldiers organised
     introduction of terrible singer meetings after end of war (9)

(10) 18 A clue to OUP’s gathering in of
20 Bird protected by English information, say? (5-2)
  agriculturalists (4) 19 Land area needing care having
23 One reformer or another got churned up over time (7)
ignoring King (6) 21 A “distressing” operation (7)
  24 Test drink – one put in animals’ 22 Sponsor a couple of boys? (6)
enclosure (8)
25 Go to bed at the seaside? (4,6) Solution 15,037
 
26 Prisoner to trick politician briefly $ * , 7 3 5 2 3 + ( $ 9 ( 1
$ $ 2 5 , / ;
(3) ) 5 2 / , &













CROSSWORD
No. 14,845 Set by NEO














 ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
DOWN
1 Hard maths topic written up to find
circumference (5)
2 Love comes in no time, wildly, for
passion (7)
3 Disagreed also with a thousand
children (4,5)
4 Bond gets to a casino and is
beaten (11)
5 Beast summarising Tokyo-London-
Tokyo trip? (3)
6 Painter died hungry (5)
7 Discount supermarket name in
GB’s upturn with loss on top (7)
8 As 007 mission to Spectre might

2 ) 7 7 , 0 ( 6
27 Drunk creating a stink in the
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

' / . * 0 &
& $ 9 $ ) $ 5 ( $ 6 7 ( 5 1
Home Counties (6)
JOTTER PAD 28 Port – it is creating a type of
+ $
9 ( 1 $ % / (
(
6
1 , $
* 2 7 +
inflammation (8) 1 6 / 6 0 + (
2 ' ' 6 , 7 $ 5 7 $ 6 6
DOWN ( ( & 9 * /
1 Maybe a tea bag will have + $ 9 ( 1 2 ) ( $ 5 , 0 3 ,
9 8 5 , 3 /
become ruined (4,2,3) & 2 0 0 $ 1 ' 2 7 2 3 + $ 7
2 Sort of drug information given to 8 ( 7 & 7 ( ,
man (7) 3 5 ( 7 7 < . 1 ( $ ' , 1 *
Thursday 17 September 2015 ★★★ 17

AB InBev Serco HP Sterling/dollar Brent oil Shanghai Dollar index Gold

Bubble bear In defence of Composite
Bob Shiller’s market warning 6.41% 2.3% 5.0% 1.0% 4.2% 4.9% 0.2% $13
JOHN AUTHERS, PAGE 34
€100.50 105.8p $28.47 $1.5486 $49.75 3,152.66 95.43 $1,118

Facebook targets company networks Short

View
3 Group to roll out Facebook at Work 3 First attempt to generate subscription revenue
FaW is the company’s first attempt at He said Facebook was using its exper- American online retailer Linio have all
Elaine
HANNAH KUCHLER — SAN FRANCISCO
generating subscription revenue. Face- tise in designing mobile apps to make
FaW could said they have increased productivity Moore
Facebook is expanding its Facebook at book makes most of its money by selling the platform mobile first — enabling challenge the by using Facebook’s groups and news
Work product into hundreds more com- advertising targeting its users but FaW workers without PCs or desk jobs to con- likes of Slack, feed features.
panies as it tries to challenge enterprise will not show ads to its business users. tribute to work on the site. FaW could challenge other enterprise While global investors fight their way through the tangled
software makers and win subscription Instead, it will operate a “freemium” “They want to bring a new level of col- Google Drive, technologies including Slack, the work- briar of US rate rise predictions, Europe’s bondholders
revenue from corporate customers. model typical of enterprise software laboration and productivity to the Yammer and, place chat app last valued at $2.8bn, should be swaddled in bucolic bliss.
FaW looks and feels like its parent, companies, such as Slack, Dropbox and workplace and they want to do it with a Google Drive, Microsoft’s Office suite Regional economic indicators all point to a further spell
the world’s largest social network, but Evernote. This offers a free basic service new type of enterprise software,” he one day, and corporate social network Yammer. of low growth and low inflation that should help to advance
keeps data private, secure and separate but charges for add-ons, such as inte- said. “One could say the definition of a LinkedIn Although it is targeted at boosting inter- the great bull market in bonds.
from a user’s personal profile. grating with third-party tools, analytics good organisation is when news travels nal networking, it might also one day EU figures released yesterday revealed that inflation
Facebook announced a trial of the and employee engagement measures. fast — I think it was Bill Gates who first rival LinkedIn, the social network for across the eurozone has all but evaporated, with consumer
network in January, gradually expand- Julien Cordorniou, director of global said that — and that is what Facebook professionals. prices up just 0.1 per cent over the year. Compounding the
ing it to 100 companies, including platform partnerships at Facebook, said has been doing for 10 years.” Facebook has set its sights on the outlook, the OECD has cut its forecast for eurozone growth
drinks group Heineken USA and social companies wanted to encourage He said speedy data transfer allowed whole employed population — which next year from 2.1 per cent to 1.9 per cent
media platform Hootsuite. It is now set employees to work on Facebook people to take quicker, better informed Mr Cordorniou said was about 3bn peo- What’s more, the European Central Bank appears poised
to launch the product into businesses because it was an easy tool to adopt as decisions. ple — more than double the network’s to expand its €1.1tn bond-buying programme beyond
from start-ups to Fortune 500 groups. they used it in their personal lives. Heineken USA, Hootsuite and Latin entire userbase of 1.49bn. September 2016 if recovery does not pick up.
So why isn’t appetite for European government debt
stronger? Hints about full-blown quantitative easing last
year were enough to send bond yields across Europe slid-
ing down. This time around, reaction has been noticeably
subdued.
Glimmer of hope So far this week, Europe’s largest and safest borrower
has experienced a sell-off that has pushed the yield on
Richemont’s China Germany’s benchmark 10-year bond up 12 basis points to
0.78 per cent. Berlin’s attempt to raise €2bn of 30-year
sales lift luxury sector debt yesterday also failed to attract enough bids, meaning
that the auction failed.
Strong sales figures from Richemont, the It could be that the sudden rush of eurozone government
Swiss luxury-goods company behind bond supply after the summer lull has left investors sated.
brands including Cartier, Chloé and But the price moves also suggest creeping US Federal
Montblanc, helped to lift shares in a Reserve influence. The futures markets still put the proba-
number of luxury-goods groups as they bility of a Fed rate rise this week at just 30 per cent but
offered hope that a long period of weak eurozone investors are alive to the fact that a rate increase
demand in China may finally be coming could lead to a jolt for US and global bond prices.
to an end, writes Nathalie Thomas. The lesson of recent, sudden sell-offs in bond markets
Luxury-goods companies have been suggests that it is easier to get into positions than out of
heavy victims of the Beijing them, because of waning liquidity.
government’s conspicuous consumption In April, expectations that deflation was no longer a
crackdown, damaging sales of products threat for the eurozone led to a sell-off in German Bunds
that were often exchanged as gifts or that reversed five months of gains in just a few days.
drunk at banquets. Europe may be more interested in Draghi than Yellen,
Last year’s pro-democracy protests in but until US policymakers announce their decision, bond
Hong Kong exacerbated a sales investors across the Atlantic are sitting on their hands.
slowdown, as tourism from the
mainland waned. German 10-year Bund yield
While Richemont’s sales in the Asia- Per cent
Pacific region as a whole were down 2 per
cent in the five months to August at 1.0
actual exchange rates, the group said 0.8
that business in mainland China
resumed growth, “at a strong double- 0.6
digit rate”. Its Chinese outlets include the 0.4
Cartier store in Shanghai, pictured right.
Overall, Richemont’s sales rose 16 per 0.2 In April a German
cent as it benefited from a weak euro but 0 Bunds sell-off
even on an underlying basis, stripping reversed five
out exchange-rate benefits, sales were Jan 2015 Sep months of gains
Source: Thomson Reuters Datastream
up 4 per cent. in days
Lex page 16
elaine.moore@ft.com
Tomohiro Ohsumi/Bloomberg

Murdoch makes £114m video ad move

in largest UK deal since hacking scandal
HENRY MANCE AND ROBERT COOKSON Another part of Unruly’s offering is an Adidas spread their video advertising
analytical tool to help advertisers iden- online. The lossmaking company had
Rupert Murdoch has made his biggest
tify videos that have the potential to “go revenues of nearly $50m in the last
UK buy since the phone-hacking scan-
viral”. Its media partners include some financial year.
dal, after his publishing group News
of News Corp’s rivals, such as Hearst, The deal will mean up to £68m in
Corp agreed to pay up to £114m for
USA Today and IDG. proceeds for Unruly’s co-founders —
London technology start-up Unruly.
Ms Brooks had spent months travel- Sarah Wood, Scott Button and Matt
GE plays hardball over tax The move comes 10 days after Rebekah ling worldwide to find potential acquisi- Cooke — who together own nearly
and export credit gripes Brooks again took charge of News Corp’s tion targets, before selecting the 60 per cent of the business and will work
UK newspaper operations, in a move Shoreditch company. for News Corp.
General Electric has flexed its muscles seen by insiders as a sign that Mr In buying Unruly, News Corp will Ms Wood said: “News Corp recognises
against what it sees as moves by Murdoch is re-engaging with the UK. increase its exposure to the fast-growing that the future of online advertising is
politicians to push it around. It is Unruly specialises in video advertis- market for online video advertising. It video. From day one we’re going to be
fighting with Connecticut over tax ing on the “open web”, or the vast array will also gain control of technology that able to help their digital titles make
policies and is shifting jobs to Europe of websites outside of YouTube and could help it make more money from more revenue.”
because of the ending of US export Facebook. Its technology also allows the sale of video advertising on its own According to estimates by research
credits. Will it win policy changes? brands to target their ads at particular sites. News Corp will pay £58m in cash group Magna Global, spending on digital
Report iPAGE 19 audiences, based on data such as which and up to £56m in earnouts for Unruly, video advertising will surge about
sites they have previously visited. which helps brands such as Renault and 40 per cent this year to about $15bn.

Companies / Sectors / People

Companies
3G Capital..................................................1,18
AB InBev..................................1,16,18,24,33
Aetna..............................................................19
Airbus.............................................................16
Alstom............................................................19
AltspaceVR..................................................14
Amazon...........................................................6
Anglo American........................................17
AngloGold Ashanti................................25
Apple...................................6,13,14,20,22,25
Arm Holdings............................................25
AstraZeneca...............................................33
Aventis CropScience.............................18
Axel Springer.............................................17
BMW................................................................16
BP......................................................................17
BT........................................................................3
Baoxin Auto................................................16
Barclays..................................................20,34
Barratt Developments.........................25
Bayer...............................................................18
BlaBlaCar......................................................22
Blacks.............................................................24
Blackstone...................................................24
Bloomberg....................................................13
Boeing.......................................................16,19
Bridgewater................................................32
British American Tobacco.................33
Burger King...................................................1
CME.................................................................34
Canada Pension Plan...........................24
Capital IQ......................................................13
Carlsberg..............................................1,18,33
Castel........................................................18,33
Chevron.........................................................33
China Grand Auto...................................16
China Resources Enterprise.............18
China ZhengTong...................................16
Citigroup................................................20,25
Coca-Cola.....................................................18
Covestro........................................................18
Crowdcube..................................................25
De Beers.......................................................17
Delivery Hero............................................22
Deutsche Post...........................................18
Diageo............................................................33
Dongfeng.....................................................22
EE........................................................................3
Entertainment One................................24
Export-Import Bank...............................19
ExxonMobil.................................................33
Facebook...................................................3,14
FactSet...........................................................13
FedEx.............................................................33
Fiat...............................................................6,22
Fitbit...............................................................33
Ford.................................................................22
Galliford Try...............................................25
General Electric........................................19
General Motors........................................22
Glencore.................................................20,33
Goldman Sachs......................................8,13
Google...................................................3,13,22
Grupo Modelo......................................16,18
HTC.................................................................14
Halliburton..................................................10
Harris Associates...................................20
Heineken..............................................1,18,33
Heinz............................................................1,18
Hewlett-Packard................................16,33
High Fidelity..............................................14
Hornby..........................................................24
INE...................................................................34
Ikea.....................................................................6
Imagination Technologies.................25
Inmarsat........................................................33
Insight Venture Partners...................22
IntercontinentalExchange..................34
JD Sports.....................................................24
Jeep.................................................................22
KFC..................................................................20
KKR..................................................................18
Kickstarter...................................................25
Kinetik...........................................................24
Kraft..............................................................1,18
LVMH.............................................................33
Lanxess.........................................................18
Lead Edge Capital..................................22
Liberty Living...........................................24
Linden Homes..........................................25
Linden Lab..................................................14
Lloyds Banking Group.........................25
Markit..............................................................13
Marwyn Value Investors....................24
McDonald’s.................................................20
MegaFon......................................................24
Merck..............................................................18
Miller Construction................................25
MillerCoors...........................................1,16,18
Millets............................................................24
Molson Coors....................................1,18,33
Mondi.............................................................33
Morgan Stanley.......................................20
News Corp...................................................17
Nintendo......................................................20
Omega Advisors......................................32
PA Consulting...........................................14
Panasonic Healthcare...........................18
PepsiCo......................................................6,18
Perform..........................................................17
PetroChina..................................................34
Peugeot.........................................................22
Pfizer..............................................................33
Prada...............................................................16
Qatar Holding...........................................20
Ram.................................................................22
Randgold Resources.............................25
Reckitt Benckiser....................................33
Redrow..........................................................25
Richemont....................................................16
Rio Tinto.................................................17,24
SABMiller.................................1,16,18,24,33
Samsung.......................................................14
Schering........................................................18
Scripps Networks Interactive..........24
Seedrs............................................................25
Sega................................................................20
Serco...............................................................24
Shire................................................................33
Sinopec.........................................................34
Sony..........................................................14,20
Spotify...........................................................22
Starbucks.....................................................20
Subway.........................................................20
Symphony....................................................13
SyndicateRoom........................................25
TalkTalk...........................................................3
Target.............................................................33
Tesla Motors..............................................24
Thomson Reuters....................................13
Toyota............................................................22
TradeWeb.....................................................13
UPS..................................................................33
Uber................................................................22
Unilever.........................................................33
Unruly.............................................................17
Valve...............................................................14
Vedanta...................................................17,24
Virgin Media.................................................3
Vodafone........................................................3
Vostok New Ventures..........................22
WPP................................................................24
WhatsApp......................................................3
Xstrata...........................................................24
Yota.................................................................24
Zhongsheng................................................16
Zodiac Aerospace...................................16
Sectors
Aerospace & Defence...........................16
Automobiles....................................12,16,22
Banks..............................................................25
Basic Resources......................................20
Chemicals.....................................................18
Construction..............................................25
Financial Services......................18,20,34
Financials............................18,20,24,25,32
Food & Beverage............................1,16,18
Health.............................................................18
Healthcare...................................................18
Industrials....................................................19
Media....................................................13,14,17
Mining.....................................................20,25
Oil & Gas...............................................10,34
Personal & Household..............16,17,24
Pharmaceuticals.......................................18
Retail..............................................................24
Support Services...............................18,24
Technology.................3,13,14,16,20,22,25
Telecoms...................................................3,14
Travel & Leisure......................................20
People
Agarwal, Anil........................................17,24
Albanese, Tom....................................17,24
Altberg, Ebbe............................................14
Ames, Richard..........................................24
Barra, Mary.................................................22
Bristow, Mark............................................25
Brito, Carlos....................................16,18,24
Brooks, Rebekah......................................17
Brusson, Nicolas......................................22
Carroll, Cynthia...................................17,24
Clark, Alan.............................................18,24
Cowgill, Peter............................................24
Dalio, Ray.....................................................32
DeLuca, Fred.............................................20
Dekkers, Marijn.........................................18
Fitzgerald, Greg.......................................25
Glasenberg, Ivan.....................................20
Immelt, Jeff.................................................19
Jobs, Steve..................................................14
Marchionne, Sergio................................22
Mate, Daniel...............................................20
Mistakidis, Telis.......................................20
Murdoch, Rupert......................................17
Paulo Lemann, Jorge..........................1,18
Rice, John.....................................................19
Rosedale, Philip........................................14
Soames, Rupert.......................................24
Sverdlov, Denis........................................24
Tavares, Carlos.........................................22
Whitman, Meg...........................................16
Yassaie, Sir Hossein..............................25

© The Financial Times Limited 2015 Week 38

18
Audacious AB InBev dares to dream big
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
Carlos Brito, chief executive of
Anheuser-Busch InBev, has a mantra:
“Dream big”.
And that grand vision — inherited
from Jorge Paulo Lemann, AB InBev’s
single biggest shareholder with a 12.5
per cent stake — has already propelled
the business from its origins as Brahma,
a small Brazilian brewer, to its position
as the world’s biggest, after 25 years of
audacious takeover deals.
But the group’s informal approach
to acquire rival SABMiller is by far its
most audacious yet — because of both
the size and complexity of the potential
$275bn merger.
It also represents the first big test for
Alan Clark, SAB’s chief executive, who
has been struggling to fill the large boots
of his predecessor, the late Graham
Mackay, since taking the helm of the
London-based brewer two years ago.
Competition concerns, the groups’
very different management cultures,
uncertainties surrounding SABMiller’s
joint ventures, and the sheer size of the
brewing business that could emerge
have divided opinion among analysts,
bankers and industry observers over
whether a bid will ever be made.
But “Megabrew” — as the beer indus-
try likes to call this potential merger — is
now being pursued for three powerful
reasons: sales growth, global diversifica-
tion and corporate ambition.
Global beer sales have grown slowly
over the past few years. This has been
partly a result of the economic slow-
down that took place first in developed
countries and then emerging markets,
but also because the beer industry has
lost consumers to other types of drinks:
spirits, wine and even soft drinks.
However, the fastest-growing region
for beer sales is Africa, which is both
SABMiller’s heartland — the company
began as South African Breweries — and
a continent to which AB InBev has
almost no exposure.
Africa alone makes SABMiller a par-
ticularly attractive target.
Second, although AB InBev is the
world’s largest brewer with a 20 per
cent share, its sales are skewed to the
Americas. Together, these two conti-
nents account for 70 per cent of sales.
In North America, AB InBev has
found it hard to increase the sales of
Budweiser, its flagship beer. In Latin
America, sales in some of its biggest
countries, including Brazil, have either
slowed or look likely to lose their fizz.
So a tie-up with SABMiller would
make AB InBev more globally diverse,
by giving it access to those South Ameri-
can markets to which it currently has
virtually no exposure: Colombia, Ecua-
dor and Peru.
As Fitch, the rating agency, notes, an
AB InBev-SABMiller merger “would
create a global player, thus further wid-
ening the gap with rivals Heineken and
Carlsberg. It would be exposed to high
growth and profitable markets and
require only limited divestments in
relation to market overlaps.”
However, competition issues raised
by some of these country overlaps and
the status of SABMiller’s multiple joint
ventures are the most uncertain part of
the proposed transaction.
SABMiller has a near-30 per cent
share of the US beer market through
MillerCoors, its joint venture with
Molson Coors. It also has 23 per cent of
China’s beer market through a joint ven-
ture with China Resources Enterprise.
AB InBev currently has a 15 per cent
share of the Chinese market.
Analysts believe that disposals, or
buyouts by the joint-venture partners,
are inevitable.
Trevor Stirling, analyst at Bernstein,
Bayer puts in place
the final pieces of its
life sciences jigsaw
INSIDE BUSINESS
EUROPE
Tony Barber
★ FINANCIAL TIMES
Food & beverage. SABMiller approach
Head to head
Global rank by
sales volume, Bud Light
2014
Miller Lite
Beer market share
By volume, 2014 (% share)
Western Eastern
Europe Europe
3.1
North America 9.6 15.1
7.9
41.6 45.2 87.3 77.0
13.2 Middle East and Africa
Latin America
40.3
38.4 59.1
48.4
13.2 0.6
says: “The US Department of Justice
would almost certainly insist on the
disposal of SAB’s stake in MillerCoors in
the US. And ABI might also have to dis-
Video pose of SAB’s 49 per cent stake in CR
FT writers look
at the deal’s
Snow in China.”
But the biggest uncertainty is in
possible impact
Africa, where SABMiller operates much
ft.com/video
of its beer business via another joint
venture — with Castel of France.
Key figures
Insight into the If AB InBev takes SABMiller over,
investors behind Castel may be able to walk away, making
the rival groups Africa a much less attractive part of
ft.com/beverage the business — unless AB InBev can
manage to secure an agreement with
Pierre Castel, the 89-year-old head of
the privately held French company.
Then there are other non-beer com-
plexities. SABMiller is a large bottler for
Coca-Cola, having last year enlarged the
scale of its operations in southern Africa
with the US soft-drinks company. How-
ever, AB InBev has bottling deals with
rival PepsiCo.
A tie-up might make it impossible to
sustain both relationships — and a com-
bined group is more likely to favour
Analysts the world’s largest brewer would need
Heated debate over what to pay to secure a deal or how such an
offer would be structured.
would be knockout price Analysts’ forecasts for what a
knockout bid from AB InBev would
The sense of catharsis that settled have to be ranged from £39 to £45 a
among investors and analysts early share. That would value SABMiller’s
yesterday did not last long, even as equity at between £63bn and £73bn,
Anheuser-Busch InBev confirmed its quite a wide gap for a takeover that has
intention to bid for its main brewing been endlessly scrutinised and
rival SABMiller. modelled by traders. Shares in
Though speculated for months by SABMiller closed almost 20 per cent
followers of both stocks, there seemed higher at £36.14 in London trading.
to be little agreement about how much “It would seem to us that the offer
What do chemicals used in foam
mattresses and plastics used in
roadside noise barriers have in
common with eye medicine and cancer
drugs? Not a lot. That, in a nutshell, is
why Bayer — the largest company on
Germany’s blue-chip Dax-30 index by
market capitalisation — will soon
launch an initial public offering of
Covestro, its plastics and chemicals
division.
The IPO is set to value Covestro at
about €10bn, making it the biggest
listing in Germany since Deutsche
Post’s float in 2000. But for Bayer the
IPO’s true significance is that it marks
the last important milestone on the
road of the company’s slow, steady
transformation from a conglomerate
that does a bit of everything in the
chemicals business into a highly
focused life sciences group.
Careful thought and long-term
planning are virtues on which big
German business rightly prides itself.
In the Anglo-American investment
world, one hears the argument that all
this methodical preparation,
praiseworthy though it is in principle,
does not always serve the best interests
of shareholders. Is this a fair criticism?
In Bayer’s case, the shift to life
Thursday 17 September 2015
COMPANIES
Big mouthful
to swallow,
even for
the ‘leader
machine’
Budweiser Skol Harbin
COMMENT
Andrew
Hill
leader machine” is how
3
Castle
4
Chibuku
5
Carling Black Label
8
‘A Vicente Falconi, long-time
consultant toAB InBev,
describes the global
brewer. Acquiring
SABMiller, its largest rival, would feed
that machine, giving the young
managers who are devoted to its
working methods a big new challenge —
and potentially sweep away layers of
SAB’s senior leaders in the process.
After InBev shocked the brewing
world in 2008 by taking over Anheuser-
Busch, the family-controlled maker of
15 23 24 33 Budweiser, Mr Falconi says the arrival of
dozens of InBev managers at the US
group’s St Louis headquarters was “like
Largest deals by enterprise value a military disembarkation”.
$bn The buyer’s approach to integrating
its acquisition — a “friendly” deal like
AB InBev Mannesmann (99.6%, Germany)/ Vodafone AirTouch (UK) Nov 1999 the one it hopes for with SAB — was
SABMiller 172.0 notable for its lack of sentiment, with
Other hard decisions taken on staffing and
Verizon Wireless (45%, US)/Verizon Communications (US) Sep 2013 investment.
130.1 Since then, AB InBev has sharpened
its takeover and integration tactics by
Time Warner (US)/America Online (US) Jan 2000 absorbing Modelo, the Mexican brewer
112.1 of Corona, and hundreds of future
Asia-Pacific
1.1 leaders have passed through its global
Warner-Lambert (US)/Pfizer (US) Nov 1999
12.0 management training programme.
111.8 But if AB InBev does land one of the
largest deals in corporate history, will it
Philip Morris Int’l (US)/existing shareholders Jan 2008
86.9 be able to see off the ghosts of culture
111.3 clash and execution risk that often
haunt such transactions?
SABMiller/AB InBev Sep 2015
102.0* * FT estimate. Deal likely to be higher Some conflicts are inevitable, and will
FT Graphic
Sources: Euromonitor; Dealogic be tackled head on. The AB InBev
culture, based around meritocracy,
Coca-Cola, partly because Warren Buf- three years ago and it has paid down the transparency and frugality, is harsh but
fett is both a sizeable Coke shareholder
Brazilians debt it used sooner than expected. rewarding — both for shareholders and,
and a co-investor with Mr Lemann and have shown Nevertheless, its approach to SAB- if targets are hit, in bonuses for staff.
his Brazilian partners in 3G, the private Miller comes at a time of change in the New employees who are
equity group that owns several US food
an ability to brewing business. uncomfortable with this operating style
companies, including Kraft and Heinz. cut costs Millennial and younger drinkers in usually quit. When he was interviewed
Finally, there is AB InBev’s preference western markets have been rebelling for the FT’s two-part series on AB InBev
for dealmaking as a means of expansion.
and raise against what they perceive as bland this year, Carlos Brito, chief executive,
Although the Brazilians have a good profit beer from multinational brewers, and said of the AB deal: “In any company,
record of organic growth in some mar- are instead driving growth in craft there’s 20 per cent that lead, 70 per cent
kets, they have demonstrated an ability
margins beer — which is now by far the fastest- that follow and 10 per cent that do
to cut costs and raise profit margins at growing segment of the industry. nothing. So the 10 per cent, of course,
companies they have acquired — a skill While only a handful of operators you need to get rid of.”
that has won them fans among inves- brew the world’s biggest brands, there In terms of execution risk, SAB would
tors, including Mr Buffett. are thousands of small breweries mak- be the group’s biggest mouthful yet. But
Mr Brito appears to have judged that ing craft beer, in Europe and the US. integration experience and the
the timing is now right for another large Both SABMiller and AB InBev have dedication of the AB InBev
takeover, and he has often stated his been seeking to buy up craft-beer com- management team would reduce the
preference for an investment in beer or panies, to capture this shift — but the threat of choking.
“near beer” over other types of drinks. craft challenge will remain even if the Of the 10 largest beer deals, AB InBev
On average, the Belgium-based world’s two biggest brewers merge. or its predecessor companies have been
brewer has embarked on a big takeover Spiros Malandrakis, analyst at Euro- involved in four, according to EY. “We
deal every four years, most notably the monitor, says: “As the craft movement don’t have a team just waiting to
$52bn takeover of the US’s Anheuser- solidifies its position as a key disruption integrate companies; we have a toolkit,”
Busch, owner of Budweiser, in 2008. force within beer and the entire alcohol says Mr Brito.
Its last sizeable deal — the $20bn take- industry, corporate consolidation can One of AB InBev’s principles is that
over of Mexico’s Grupo Modelo — was perhaps provide some last drops of staff should behave like owner-
stock market intoxication but will managers, not just keeping a close eye
remain largely irrelevant to the scores of on costs but minimising bureaucracy
would have to be set at least a 30 per millennials seeking alternatives to big and “dreaming big” to improve profits.
cent premium to the undisturbed share beer’s offerings.” When managers have integrated a
price, [or] north of £39,” analysts at If a combined AB InBev-SABMiller business assigned to them, Mr Brito
Bernstein said. According to analysts at does emerge at some point, Mr Brito and says, they are likely to be told: “Now that
Olivetree Securities: “If there is a his colleagues will certainly require all you’ve transformed this team and built
debate in the investor community over of the management abilities on which a new one . . . go do it, make it happen”.
the clearing price, we think you should they pride themselves. Mr Falconi has known the three
go to the high end of the range “The way we’ve built our company Brazilian investors who helped create
because of SABMiller’s scarcity value.” has always been with this constant AB InBev for decades. One of their
There was more of an agreement dissatisfaction about our results and mantras, he says, is that you acquire the
around structure, with most analysts our achievements . . . so we’re never people first and the target later.
concluding that any offer from AB happy with where we are,” Mr Brito told Clearly the group has employed and
InBev would consist of both cash and the FT in May. “We always think we can trained many of the right people for
shares. Arash Massoudi do more.” such a deal. The question is whether it
See Lex can hit the target.
sciences started as long ago as 2001, Bayer to allocate more funds for if the group shed its Material Science
when the group paid €7.25bn for
Aventis CropScience in what was then
research in its pharmaceutical drug
operations.
The IPO is
expected
unit.
It is never easy to judge the best
its largest ever acquisition. Three years
later, Bayer spun off a speciality
If one were to raise objections, one
could start by suggesting that Bayer
to value timing for an IPO. What seems clear,
though, is that shareholders can hardly
Covestro
chemicals business that is known today
as Lanxess. Then in 2006 Bayer broke
its own record by splashing out €17bn
overpaid for the Merck business. The
hefty acquisition price is the main
reason why Bayer’s net financial debt
at about
complain that Bayer has short-changed
them.
In 2004, when the group spun off
to buy Schering, a German healthcare has soared from €6.7bn at the end of €10bn Lanxess, Bayer’s share price was just
company. 2013 to €21bn today. In addition to this over €20. Now it is just under €120. In
Under Marijn Dekkers, Bayer’s debt, Bayer has more than €11bn in net 2004, Bayer paid a dividend of €0.55 a
Dutch-born chief executive, who took pension and benefit liabilities. share. Since then, it has gone up every
over in October 2010, the group has put Yet Bayer’s debt also shot up after it year except 2009 and touched a high of
in place the final pieces of the jigsaw. bought Aventis CropScience and €2.25 in 2014.
First, Bayer bought Merck’s consumer Schering, and the company proved to Bayer’s record shows it has rewarded
healthcare business last year for be perfectly capable of keeping a firm shareholders on a consistent basis over
$14.2bn. Then, three months ago, the grip on its finances. In this area Bayer precisely the same stretch of time that
group sold its diabetes devices unit to surely deserves the confidence of it has carried out a complex, expensive
Panasonic Healthcare, which is investors. reorganisation of its activities.
controlled by KKR, the US private A more difficult question to answer is Moreover, Bayer protects
equity group, for €1.02bn. Now Bayer whether, for the sake of its shareholders better than many groups
is floating Covestro, formerly known as shareholders, Bayer should have made by avoiding overexposure to a
its Material Science division. a more vigorous effort to spin off particular region. Europe accounts for
It is hard to fault the reasoning Covestro sooner than it is doing. 37 per cent of global sales, North
behind any of these initiatives. They all The term “conglomerate discount” is America 24 per cent and the Asia-
fit neatly into the long-term vision that not one that trips lightly off the tongue, Pacific region 22 per cent.
Bayer was developing at the start of the even in the fund management Bayer runs its affairs in a prudent
century. For example, the deal with business. With regard to Bayer, I first and orderly way. The winners are its
Merck turned Bayer into the world’s came across it more than two years shareholders as well as its customers
second biggest over-the-counter ago. It was a way of saying that Bayer’s and staff.
drugmaker.
The Covestro IPO should enable
share price would be quite a lot higher
— perhaps as much as 14 per cent — tony.barber@ft.com
Thursday 17 September 2015
GE flexes muscles over tax and export credits
Group may leave Connecticut headquarters over local rates dispute as Exim Bank tussle sees it shift US jobs abroad
ED CROOKS — NEW YORK
SHAWN DONNAN — WASHINGTON
Like all large companies, General Elec-
tric is heavily dependent on the actions
of governments.
From tax credits for wind power to
fuel efficiency standards for aircraft
engines, government policies and regu-
lations exert a powerful influence over
GE’s fortunes.
The US group’s historic move in April
to return to its industrial roots by spin-
ning off most of GE Capital, its mighty
financial services division, was in part
prompted by the pressure of US finan-
cial regulation.
The $14bn deal to buy the energy
business of France’s Alstom, central to
chief executive Jeff Immelt’s vision of
GE’s future, depended on securing the
approval of the French government as
well as European and other competition
authorities.
Lately, however, GE has shown signs
that when governments try to push it in
directions it does not want to go, it is
prepared to push back.
The company has been flexing its
muscles over the tax policies of Con-
necticut, where it has its headquarters,
and over the US Export-Import Bank,
the government trade finance agency
that closed for new business on July 1
after renewal of its legal authority was
blocked by Republicans in Congress.
Those are a couple of high-profile
interventions that, while they may not
change the policies in the way GE execu-
tives would like, have certainly pushed
the issues up the political agenda.
Mr Immelt signalled this approach
with a speech in Washington in June,
warning that when state politicians
were “against trade and exports” —
meaning Republicans who opposed
Exim or Democrats who opposed new
trade agreements — GE would not invest
in that state. This week, he has shown he
is as good as his word.
On Tuesday, GE announced that it
was cutting 500 jobs from its power
generation equipment business in
four US states and moving the
work overseas, to countries
where its sales could still secure
★ FINANCIAL TIMES
government-backed export financing,
particularly France. GE was the second-
largest beneficiary of Exim financ-
ing,after Boeing, in 2013.
John Rice, one of GE’s vice-chairmen,
said the company had “no choice” but to
relocate production to countries with
functioning government-backed export
finance facilities, and commented that
Exim was “a rare government pro-
gramme that supports the economy
while cutting the deficit”.
For a company of GE’s size, the
number of jobs going is relatively
small. At the end of last year
the group employed 136,000
in the US, meaning that the
cuts represent less than 0.4
per cent of the workforce.
COMPANIES
Even so, its move has transformed the
debate about Exim from an abstruse
discussion of market failures into a clear
picture of livelihoods lost.
Exim’s closure has become a shibbo-
leth for US presidential hopefuls. Even
Jeb Bush, the standard-bearer for the
Republican party’s establishment, has
this year suggested that the bank should
be shut down.
Veronique de Rugy, an economist at
the free-market Mercatus Center, says
the Exim Bank gives a distorting subsidy
to large exporting companies, raising
costs for domestic consumers and creat-
ing unfair competition for businesses
that do not benefit from the loans. Now
Exim is shut down, she says, GE is bound
to suffer a loss as its subsidy is with-
drawn. But the threats of job cuts in the
US, she adds, show that GE is “bullying”
the US government.
“This is a large company exerting out-
rageous pressure on the federal govern-
ment to continue benefits from a gov-
ernment programme that will boost its
profits,” she says.
GE has taken a similarly confronta-
tional stance with Connecticut.
The state’s legislature has been work-
ing on a package of tax increases, involv-
ing a rise in corporation tax, and GE and
other companies including Aetna, the
healthcare group, complained that the
plans would destroy the state’s competi-
tiveness.
The corporate tax increase has since
been scaled back, but GE is still looking
19
for a new location for its headquarters,
and Mr Immelt said on CNBC last week
he expected to have a decision by the
end of the year. It seems very likely that
the head office with its 800 staff will go
to another state.
GE’s efforts at playing governments
off against each other have not
impressed everyone. Even some back-
ers of the Exim Bank in Washington
argue that threats of job losses are
wielded so often by companies arguing
against legislation in Congress that they
have lost their currency.
Still, there are those who contend that
the pressure from large companies such
as GE and influential groups such as the
‘This is a large company
exerting outrageous
pressure on the federal
government to continue
benefits’
US Chamber of Commerce will eventu-
ally pay dividends.
Tony Fratto, a former Treasury offi-
cial who has been helping to co-ordinate
the business campaign to reauthorise
the bank, says: “I don’t think this is the
end of business decisions impacting
workers. I think that pressure is going to
build as people see more of the fallout
An engineer [from the Exim closure].”
checks a subsea It also is eventually likely to result in a
oil and gas tree backlash against Republican opponents
at a GE plant in of Exim in the House of Representa-
Montrose, tives.
Scotland. Left, “There’s literally no one else to
chief executive blame,” says Mr Fratto. “You can only
Jeff Immelt — Simon blame Republicans in the House and
Dawson/Bloomberg
Senate for not allowing it to move and
for Congress to express its will.”
Although she is disappointed to think
that this is the likely outcome, Ms de
Rugy agrees that Exim’s ability to oper-
ate is eventually likely to be reinstated.
“I am happy we got this far,” she says.
“We have proved that however
entrenched the interest groups are,
there is still a chance of doing the right
thing.”
20
Mining
Glencore heads
pay $500m to
maintain stakes
after placing
Glasenberg and senior
managers among biggest
buyers in $2.5bn issue
NEIL HUME AND ARASH MASSOUDI
Glencore chief executive Ivan Glasen-
berg and his lieutenants paid more than
$500m to maintain their stake in the
mining and trading house after it turned
to investors to help shore up its balance
sheet and reduce debt.
The Swiss-based company, hit hard
by the continuing rout in commodity
prices, said yesterday that it had raised
$2.5bn through a sale of 1.3bn new
shares at a price of 125p — a small dis-
count to Tuesday’s closing price — with
senior managers among the biggest
buyers.
The share offer was also backed by
key investors. Harris Associates, the
Chicago-based fund that used share
price weakness over the summer to
increase its stake to about 5 per cent,
said it had bought enough shares to
maintain its holding at that level.
People close to Glencore said the com-
pany’s biggest shareholder, Qatar Hold-
ing, had also participated in the place-
ment. To keep its stake at close to 9 per
cent, the investment arm of the coun-
try’s sovereign wealth fund would have
needed to purchase about 117m shares.
The equity issue forms a key part of
Glencore’s plan to reduce its net debt to
$20bn from $30bn and protect its
investment grade credit rating. The
debt reduction package also includes a
plan to sell up to $2bn of assets and
scrap two dividend payments amount-
Contracts & Tenders
ing to $2.4bn. “The job for management
is now to deliver the additional $7.5bn of
debt reduction measures and, impor-
tantly, clearly articulate what the equity
story is for Glencore post the share plac-
ing and dividend cut,” said Rob Clifford,
an analyst at Deutsche Bank.
Of the $550m spent on new shares by
senior managers and directors, Mr
Glasenberg spent $210m to maintain his
holding at 8.4 per cent, while Telis Mis-
takidis, Glencore’s head of copper, paid
$80m and Daniel Mate, head of zinc,
paid $81m to keep their stakes at 3.1 per
cent and 3.2 per cent respectively.
Analysts said the directors should
have had little trouble paying for the
shares. Since Glencore listed in 2011, Mr
Glasenberg has received $770m of divi-
dend payments, Mr Mistakidis $290m
and Mr Mate $293m.
Analysts believe more miners might
be forced to follow Glencore’s decision
to raise funds and cut dividends.
Glencore’s shares have slumped by
more than half this year because of con-
cerns about its debt position and expo-
sure to commodities such as coal and
copper, which are trading close to levels
last seen during the financial crisis.
They have lost more than three-quar-
ters of their value since the company’s
2011 initial public offering — the largest
ever on the London Stock Exchange.
But the stock rose 5.1 per cent to
134.7p yesterday, boosted by the swift
completion of the cash call and hedge
funds buying shares to square bearish
bets on the company.
Citi and Morgan Stanley were joint
bookrunners on the share offering, with
Barclays acting as co-bookrunner.
★★★ FINANCIAL TIMES
COMPANIES
Cynthia Carroll is returning to mining after a three-year hiatus, to offer advice on ‘long-term strategy’ to Vedanta chairman Anil Agarwal
Former Anglo chief Carroll joins Vedanta
Return to mining in team
alongside Albanese as India
group seeks executive heft
JAMES WILSON
MINING CORRESPONDENT
Cynthia Carroll, one of several mining
chiefs who left the industry because of
investor dissatisfaction at poor returns,
is returning to the sector almost three
years after leaving Anglo American.
The US geologist is joining Vedanta
Resources, the India-based mining and
oil group.
Ms Carroll will work on strategy with
Tom Albanese, former chief executive
of Rio Tinto.
Mr Albanese was appointed Vedanta’s
chief executive last year in a drive to
improve investor relations and address
governance concerns.
Industrials. Mining
Ms Carroll’s appointment underlines
Vedanta’s desire to raise its standing in
the industry by hiring people who are
familiar to investors.
The group has been seen as trailing
other large mining companies in terms
of its corporate social responsibility
record, while a complex group structure
and the controlling stake held by Anil
Agarwal, Vedanta’s billionaire founder,
have also deterred investors.
Mr Albanese and Ms Carroll were
among the industry leaders who left
their jobs abruptly when the commodi-
ties boom of the previous decade started
to fade, prompting questions over the
poor investment decisions made by
mining companies.
Newer industry leaders have
eschewed the grand capital spending
plans of their predecessors to focus on
cutting investment and reducing debts
in response to low commodity prices.
Technology
Bug delays Apple smartwatch software update
TIM BRADSHAW — SAN FRANCISCO
Apple has delayed the rollout of the first
significant software update for its
smartwatch, which had been intended
to fix some of the biggest complaints
from early adopters.
WatchOS 2 was scheduled to go live
yesterday but has been held back for an
unspecified time because of a problem
with the software that was found in last-
minute testing, Apple said. “We have
Obituary
Subway supremo who always thought big
Fred DeLuca
Fast-food entrepreneur
1947-2015
If there is one word that described Fred
DeLuca, co-founder of sandwich chain
Subway, it is “big”. Not in stature neces-
sarily but the 67-year-old entrepreneur,
who died on Tuesday after a two-year
battle with leukaemia, brought the
world the “foot-long sub” from a fast-
food chain whose more than 44,000 res-
taurants across the globe give it an even
bigger reach than McDonald’s.
He started small but his philosophy
was always to think big, even in punish-
ing times. In 1965, aged 17 and armed
with just the $1,000 he borrowed from
family friend Peter Buck, who became
his business partner, DeLuca opened his
first sandwich shop in Bridgeport, Con-
necticut. Intended as a means of fund-
ing his way through medical school, he
called it Pete’s Super Submarines to
acknowledge the help the nuclear physi-
cist had given him.
When that shop was on the verge of
collapse the following year, they decided
to open another so it would give them a
bigger presence and more visibility. It
worked. “So then we figured, if two is
better than one, then three must be bet-
ter than two,” DeLuca told the Financial
Times in 2008. Along with McDonald’s
and KFC, Subway helped create and fuel
a boom in fast food, giving the chains a
permanent place in American cultural
history and, in its case, a footprint in
some 100 countries.
Its success brought DeLuca and Mr
Buck great wealth, estimated at about
Ms Carroll left Anglo in 2012 after
almost six years as chief. Her tenure was
notable for a decision to raise its stake in
De Beers, the South African diamond
producer, and an increased emphasis on
The new generation of
leaders have eschewed the
grand capital spending
plans of their predecessors
safety. Her largest problem was Minas-
Rio, a Brazilian iron ore project that cost
$8bn to develop compared with initial
estimate of $3.6bn.
Delays in bringing the project online
meant Anglo missed the peak of the iron
ore boom.
Mr Albanese left Rio in 2013 after
writedowns on a coal project in Africa.
Vedanta said Ms Carroll, who is also
discovered a bug in development of
watchOS 2 that is taking a bit longer to
fix than we expected,” the company
added. “We will not release watchOS 2
today but will shortly.”
The announcement was made just
two hours before the update was due to
be pushed out to customers. Yesterday’s
release of iOS 9, the annual update of the
iPhone and iPad’s operating system, is
not affected by the delay to watchOS 2.
The latest iOS brings improvements
$3.5bn apiece. The franchise-based
group is still privately held by the two
families under Doctor’s Associates.
Born in Brooklyn on October 3 1947,
DeLuca never made it to medical school
but in time gained a degree in psychol-
ogy. This year he passed the role of run-
ning day-to-day operations to his sister
Suzanne Greco, who survives him along
with his wife and son. His death comes
just as Subway has been celebrating its
half century.
This year may also mark Subway’s
peak when it comes to all things big. As
“big is beautiful” takes a hit, large fast-
food chains including Subway are strug-
gling to maintain their market share.
A younger generation is turning more
to funkier “fast-casual” outlets such as
Chipotle and PotBelly, which are seen as
having better quality ingredients — even
though his group’s founding notion was
to provide a “healthier, less fattening
bill of fare” than rivals of the time.
Smaller US sandwich chains such as
Jimmy Johns, Firehouse Subs and Jersey
Mikes are also growing fast and, despite
the travails facing the industry, Subway
has been opening in new locations. But
Thursday 17 September 2015
— Bloomberg
on BP’s board, would become chair of
Vedanta Resources Holdings, a division
of the UK-listed group. The unit is
an investment holding group and sepa-
rate from the Indian operating unit,
which was recently renamed Vedanta
Limited.
Ms Carroll’s post was held by Mr Alba-
nese when he joined Vedanta in 2013,
before he became chief the year after.
Mr Agarwal, who owns almost 80 per
cent of Vedanta Resources’ shares, will
remain chairman and will be advised by
Ms Carroll on “key strategic initiatives”,
the company said.
Ms Carroll said she would have “a par-
ticular focus on long-term strategy”.
Ms Carroll’s return leaves Marius
Kloppers, the former chief executive of
BHP Billiton, as the highest-profile
boom-era chief executive not to have
returned to the industry.
Lombard page 24
to overall stability and usability, as well
as adding a News app.
WatchOS 2 represents a substantial
overhaul of Apple’s latest device. It had
been slated to include the ability for
third-party apps to run “natively” on
the device, helping to address a wide-
spread complaint that non-Apple soft-
ware runs too slowly. It is rare for Apple
to miss its deadlines. Last year, a bug in
iOS 8 forced it to delay apps that plugged
in to its Healthkit platform.
DeLuca told CNBC in 2013 the environ-
ment for starting a business in the US
had “continuously gotten worse because
there are more and more regulations”.
Subway also had to sever its relation-
ship with its pitchman Jared Fogle after
he struck a plea bargain over child por-
nography charges and paying for sex
with minors. Mr Fogle had made a name
for himself and had helped boost sales
after he lost more than 200 pounds by
eating two of the company’s subs a day.
Last year Subway fell into third place
in terms of annual sales of chain restau-
rants, usurped by Starbucks, as reve-
nues dropped 3.3 per cent to below
$12bn, according to Technomic, a food
industry research firm. McDonald’s still
maintains the lead by a long stretch.
DeLuca chronicled his Subway suc-
cess in his book Start Small Finish Big,
where he lists his core advice for aspir-
ing entrepreneurs. Such tips include:
“Think like a visionary. Always look for
the big picture . . . Be positive. The
school of hard knocks will beat you
down but not if you keep a positive atti-
tude . . . Believe in your people, or they
may get even with you.”
Lindsay Whipp
Thursday 17 September 2015 ★ FINANCIAL TIMES 21
22 ★★★ FINANCIAL TIMES Thursday 17 September 2015

COMPANIES

Interview. Carlos Tavares Technology

BlaBlaCar
Peugeot chief sees road clear for tie-ups valued at
€1.4bn after
Partnerships planned with
other carmakers and even
funding round
Silicon Valley entrants
MURAD AHMED

ANDY SHARMAN — FRANKFURT BlaBlaCar, the French ride-sharing

PSA Peugeot Citroën is clearing the way
for possible tie-ups with other carmak-
ers or even partnerships with entrants
from Silicon Valley, according to chief
executive, Carlos Tavares.
He is steering a revival at Peugeot,
which looked doomed 18 months ago
when it accepted a €3bn capital injec-
tion from Chinese carmaker Dongfeng
and the French government.
But in July, Peugeot offered concrete
evidence of its self-styled “back in the
race” turnround, posting a 5 per cent
automotive operating margin for the
first half of 2015.
It is a high number for a mass market
carmaker, and a feat one analyst
quipped was tantamount to mapping
the human genome.
The speed of the turnround brings
into view the potential for Peugeot to
consider new partners as it looks to
achieve greater economies of scale and
secure its long-term future, and as Ser-
gio Marchionne, chief executive of Fiat
Chrysler Automobiles, carries out a
campaign to bring about consolidation
in the car industry.
Mr Tavares says in an interview with
the Financial Times: “If the results that
were presented in July for the first half
of 2015 had been the full-year results,
we would have declared that ‘back in
the race’ was over.”
Speaking on the side-
lines of the Frankfurt
motor show, Mr
Tavares says the com-
pany will wait until its
full-year results next
February to see whether it
has managed to maintain a
healthy balance sheet, as
well as positive free
cash flow and profita-
bility at its automo-
tive division.
Peugeot’s Fractal concept at the Frankfurt car show. Carlos Tavares, below, is steering a revival at the group, which looked doomed 18 months ago — Daniel Roland/AFP
Assuming these goals are achieved, it
will then look at potential partnerships
with other carmakers.
“From there, we are back in control of
our destiny, and therefore all the
options are open,” he says.
“There is no specific scenario that we
would push back. It just has to be evalu-
ated from the best interests of our share-
holders, our employees, our stakehold-
ers . . . and then we’ll make a very
objective decision.”
Mr Tavares declines to say whether he
has recently discussed the idea of Peu-
geot’s merging with Fiat Chrysler.
The Financial Times reported last
year that the two companies held talks
about combining to form the fifth-
largest carmaker in the
world.
Peugeot already has a
joint venture with Fiat
Chrysler, building vans,
as well as alliances with
General Motors, Ford and Toyota. Mr
Marchionne has made plain his prefer-
ence for a merger with GM because of
synergies between the Detroit car-
maker’s products and Fiat Chrysler’s
Jeep and Ram truck brands.
But he has been spurned by Mary
Barra, GM chief executive, who has yet
to talk to him on the matter despite Mr
Marchionne’s setting out an informal
merger proposal to the company in
March.
That has led analysts to believe that
the next best option for Fiat Chrysler
could be Peugeot, because of the compa-
nies’ potential global scale.
“We are convinced [that a Fiat Chrys-
ler/Peugeot] merger is the most sensible
option for both [manufacturers],” said
Edoardo Spina, analyst at Exane BNP
Paribas, in a report last month.
Mr Tavares is clear on the benefits of
consolidation, which can bring carmak-
ers greater purchasing power with sup-
pliers on components, and help spread
engineering costs over a greater number
of vehicles. Peugeot sold about 2.9m
units in 2014, which is small for a vol-
ume manufacturer.
But he wants to maintain the focus on
reducing fixed costs that helped fire the
turnround in the first half of the year.
Peugeot was also boosted by a recov-
ering western European car market —
sales are up 8.6 per cent per cent in the
first eight months of the year — and the
positive effects of a weak euro.
Such benign conditions cannot be
relied on forever. Carmakers are facing
rising costs to meet carbon dioxide
emissions regulations and develop new
technologies, while adapting to chang-
ing attitudes to car ownership and
uncertain global sales trends. This may
affect the industry “brutally”, says Mr
Tavares.
Potentially the biggest disruption
could come from rivals emerging from
Silicon Valley, including Google, which
is working on a self-driving car, and
Apple, which is thought to have ambi-
tions in the sector. That could benefit
agile, smaller companies such as Peu-
geot, Mr Tavares says.
“If [tech companies] want to have
something related to mobility, they will
conclude naturally that it’s better to
partner with somebody,” he says. “So we
are open for a partnership with one of
those companies.”
He suggests that this could involve
Peugeot building cars for the tech com-
panies, but quickly adds that such an
arrangement would only work if the
French group maintained its relation-
ship with the end customer.
“You don’t [want to] become the
manufacturer of something that is just
the packaging,” he says.
“Perhaps because I’m naive, I don’t
see why we could not find a win-win
situation even on that matter.”
group, has become one of the best-
backed technology start-ups in Europe
after receiving $200m from its latest
funding round.
The Paris-based company has taken
investment from US venture capital
groups Insight Venture Partners and
Lead Edge Capital, and Vostok New Ven-
tures in Stockholm.
People familiar with the matter said
the new investors valued BlaBlaCar at
€1.4bn, meaning the group had joined a
small group of European “unicorns”, or
private tech start-ups valued at more
than $1bn.
BlaBlaCar operates as an online mar-
ketplace, pairing motorists with passen-
gers who need lifts between cities. It is
one of the companies at the vanguard of
the sharing economy, which encourages
individuals to offer services.
Prices are capped so passengers pay
just enough to cover the cost of fuel and
other running costs. Because drivers do
not make a profit, their insurance is not
invalidated, allowing BlaBlaCar to
escape the strict regulation of for-hire
car services that exists in many coun-
tries, which has snared other ride-shar-
ing groups such as Uber.
The company has 20m members and
operates in 19 countries. It said 10 per
cent of the population in France had
signed up to the service.
BlaBlaCar takes a 12 per cent commis-
sion on each journey, so revenues are set
to be in the tens of millions. The com-
pany is not yet profitable.
Nicolas Brusson, co-founder, said the
funding would allow BlaBlaCar to con-
tinue its rapid expansion into new terri-
tories, after entering countries outside
its European stronghold, such as India,
Turkey and Mexico.
It plans to launch in Brazil and is con-
sidering delving further into Asia, per-
haps to Indonesia and Japan.
Thursday 17 September 2015 ★ FINANCIAL TIMES 23
24
AC/DC guide to M&A charts a rocky road to making a beer monster
Alan Clark, chief executive of
SABMiller, should study the oeuvre of
Aussie rockers AC/DC as he negotiates
the £60bn-plus takeover of the brewer
by rival Anheuser-Busch InBev. Carlos
Brito, AB InBev’s boss, sometimes
walks on stage at presentations to the
song “Back in Black”, whose lyrics
include: “Don’t try to push your luck,
just get out of my way.”
Mr Brito is seeking a recommended
deal to create a $275bn beer monster. A
tie-up has been mooted for years. AB
InBev, to paraphrase a band that is to
feminism what Jeremy Corbyn is to
royalism, will assert that it is time for
SABMiller to quit its grinning and drop
its linen.
But Mr Clark should not accede to a
“Dirty Deal Done Dirt Cheap”. Wyn
Ellis of Numis reckons the big South
African brewer, which listed in London
Support services
Blackstone buys
back Serco India
unit for £250m
Proceeds to pay down debt
as outsourcer focuses on
government contracts
GILL PLIMMER
Serco has sold its Indian business
processing unit back to private equity
group Blackstone for £250m, as it seeks
to narrow its focus to government con-
tracts and repair its fortunes in the out-
sourcing market.
Intelenet — which employs 51,000
staff providing accounting services to
the financial, telecoms and travel indus-
tries — was put up for sale by Serco last
November but the company had strug-
gled to agree a price with buyers.
Serco had acquired the Indian busi-
ness from Blackstone in 2011 for £350m
but finally agreed to offload it in
exchange for £250m, comprised of
£220m in cash and a £30m loan note.
Shares in Serco rose 4.4 per cent after
Rupert Soames, chief executive,
announced the deal and said his com-
pany would use the cash to pay down
debt and pursue a strategy of winning
contracts in the public sector.
“This disposal will not only
strengthen further our balance sheet
but also enable us to focus on the group’s
five core markets,” Mr Soames said.
A successful sale of Intelenet was a
central part of Mr Soames’ plan to
rebuild the struggling outsourcing busi-
ness, which employs 122,000 staff in 20
countries, in activities ranging from air
traffic control to housing asylum seek-
ers.
Last year, Serco announced £1.5bn in
writedowns and a £555m rights issue as
Retail
‘Athleisure’ trend puts JD Sports on front foot
ANDREA FELSTED
SENIOR RETAIL CORRESPONDENT
The trend for wearing sports clothing
and footwear outside the gym helped
first-half pre-tax profit at JD Sports to
increase by 88 per cent.
Peter Cowgill, executive chairman of
the sportswear retailer, said the trend
for “athleisure” — sportswear that
can be worn when not working out —
had boosted the demand for its trainers
and clothing.
“I see people between the ages of
15 and 35 in particular walking around
with leisurewear [on],” said Mr Cowgill.
“It is the type of gear that you can
almost use in the gym and walk around
in — and walk to the pub in.”
Mr Cowgill added: “The fitness devel-
opment into outerwear has been quite
in 1999, is worth about £41 per share.
That is a steep premium of about 30
per cent to the undisturbed price, if
SABMiller can be said to have such a
thing.
The knowledge that his predecessor
acceded to a steep price for Foster’s of
Australia in 2011 should stiffen the
resolve of the easy-going Mr Clark to
hold out for one himself.
If a recommended offer materialises
it would likely be in equity and cash,
given SABMiller’s scale and AB InBev’s
net debts of $45bn, according to S&P
CIQ. But a supersized slice of shares for
SABMiller investors would trigger
bedlam in Belgium, where AB InBev’s
own stock is listed.
It rose sharply there yesterday in
anticipation of cost savings running
into billions. Both companies have
suffered from weak volumes of late.
The Australian rockers’ singer Brian
Johnson boasted he was handy with a
glass in “Have a Drink on Me” but the
taste for mainstream ale has been
waning in the developed world. In
developing countries the emerging
middle class is taking time to develop a
thirst for premium beers.
it fought the worst crisis in its 85-year
history.
In July 2013, the group admitted to
charging the government for electronic
tagging of thousands of criminals who
turned out to be already released, back
in prison or dead. It also admitted that it
had misled the Ministry of Justice by
reporting that prisoners had been deliv-
ered to court when they were not.
As a result, Serco was temporarily
barred from winning new government
work and lost contracts, including work
on the Docklands Light Railway and the
Colnbrook immigration detention cen-
tre near London. With lossmaking deals
on its books, Mr Soames has told share-
holders that he does not expect the com-
pany to return to growth until 2017.
Stephen Rawlinson, an analyst at
Whitman Howard, welcomed the
Intelenet deal: “This is good news . . . It
is doing the right things in our view and
that will show in due course. Manage-
ment has never said it will be swift or
smooth as the business recovers.”
New opportunities for Serco in the UK
include a contract to run the Ministry of
Defence Fire Risk Management Organi-
sation, which employs 2,200 staff
worldwide and is expected to be worth
£500m-£600m when tendered next
year. But Mr Soames has said greater
potential lies outside the UK, particu-
larly in the Middle East and the US.
Amit Dixit, managing director and co-
head of private equity in India at Black-
stone, said: “We are delighted to once
again partner with Intelenet’s manage-
ment team. Intelenet has a market-lead-
ing position in the offshore banking and
travel/hospitality and the number one
position in domestic India BPO.”
a strong trend and JD is the home of it.”
Young fashionable people wearing
sportswear — dubbed “fitsters” — had
also boosted demand for trainers.
“There has been a strong move
towards athletic footwear again. We
are the principal retailer of that [with]
new models and exclusives,” said
Mr Cowgill.
The trend helped sales rise 21 per cent
in the first half to £809.9m. Sales from
stores open at least a year were up more
than 10 per cent.
Pre-tax profit increased from £23.8m
to £44.7m in the six months to August 1.
The outdoor division, which includes
Blacks and Millets, made a £4.5m loss in
the first half, although this was an
improvement on the £5.6m deficit a
year earlier.
Mr Cowgill said the level of organic
★ FINANCIAL TIMES
UK COMPANIES
AB InBev and SABMiller are a good
fit geographically. The deal would
worry antitrust watchdogs in the US.
SABMiller’s main exposure there is its
MillerCoors joint venture with Molson
Coors that can be unwound via a
change of control clause. In China,
another contentious market, SABMiller
might need to sell out a stake in the
dominant China Snow beer brand to JV
partner China Resources Enterprise.
The bigger difficulty may be cultural.
AB InBev has the aggressive culture
epitomised by Mr Brito’s reputed taste
in music. SABMiller is a politer place.
A “Night of the Long Knives” after a
takeover could damage the combined
business. A botched integration would
put AB InBev where AC/DC once
claimed to be: on a “Highway to Hell”.
Pig out
The talking animals gather furtively
outside Peppa Pig’s house.
Marwyn Mule: Who wants my
Entertainment One shares? I’ve got
17.9 per cent and if I have to watch
Daddy Pig ho-ho-hoing with his legs in
Train setback
Hornby hit by
supply delays
growth in the company’s sports fashion
division was “unlikely to continue
indefinitely”, but he was “encouraged by
second-half trade so far”.
He said the living wage would cost
JD “a few million off the bottom line”,
but it was looking to mitigate this
through efficiencies.
“We are not going to reflect it in job
cuts or price increases. We are going to
attempt to absorb it,” Mr Cowgill added.
It was also possible that the impact of
the living wage could be felt in higher
sales at the chain.
An interim dividend of 1.2p per share,
up from 1.15p last year, is payable from
earnings per share of 17.62p (9.38p).
Analysts at Peel Hunt increased their
forecast for full-year pre-tax profit from
£123m to £130m. The shares jumped
13p to 906.5p.
the air one more time, I’ll heave.
Mr Bull: The Canadian Pension Plan is
offering £142m in Haribos and Scooby
stickers. Not because ETO is Canadian
too. CPP likes Peppa Pig and is backing
the management’s plans to double
revenues by 2020.
Bertie Bear: Then CPP can have my
shares. Lately they’ve been up and
down more times than Peppa in a
muddy puddle.
Mr Bull: It isn’t just about Peppa,
Bertie. ETO distributes about 225 film
releases a year. The value of the film
library rose 15 per cent excluding
acquisitions to $1bn-plus. Analysts only
downgraded full-year estimates
because of currency shifts.
Bertie: Peppa’s a pain, but she’s the best
of the bunch. No one wants ETO’s film
distribution business — too small
against the big boys, it eats cash, and
the pace of releases is slowing.
Marwyn (smugly): And the share price
has tripled in five years.
Suzy Sheep: I agree with Bertie.
Bertie: You don’t have to follow the
herd, Suzy.
Suzy: ‘Course I do. I’m a sheep.
Everyone falls over laughing.
Hornby, the train-set maker, is
suffering a train-company problem: a
revenue-denting delay in supplies.
What next, leaves on the line?
In a trading statement yesterday, the
114-year-old company — which also
makes Corgi cars and Scalextric sets —
said European sales were being by hit
by problems “with supply of
international model rail”.
It said: “We are working hard to
overcome these issues, and we are
confident that supplies of these
products will improve in time.”
Hornby said trading disruption from
an IT and stock-management upgrade,
plus supply problems, would result in
Financials
Kinetik bets on growth in electric vehicles
JOSEPH COTTERILL
A Russian smartphone inventor is bet-
ting that the electric vehicle industry’s
next growth spurt will start in an
Oxfordshire parish, after his invest-
ment company backed a maker of low-
cost powertrains for trucks and buses.
Charge, which is based in Enstone, will
be the first UK investment for Kinetik, a
new $500m fund overseen by Denis
Sverdlov.
Mr Sverdlov is the former chief execu-
tive of Yota, the Russian wireless broad-
band provider, which was sold to Rus-
sian telecoms company MegaFon in
2012. He created the double-screened
Yotaphone.
Kinetik’s investment in Charge shows
how international entrepreneurs have
been setting up their own vehicles to
Cynth pop
Some tycoons collect vintage motor
cars. Anil Agarwal collects vintage
mining bosses. His company, Vedanta,
has just hired Cynthia Carroll, who was
ousted as chief executive of Anglo
American in 2012. She is joining in the
strategy role vacated by Tom Albanese
(who left Rio Tinto in 2013) when he
moved up to CEO of Vedanta in 2014.
Mr Agarwal just needs to recruit
Marius Kloppers (ex-BHP) and Mick
Davis (formerly of Xstrata) He would
then have the full top-of-the-cycle set
of supercycle mine managers.
Investors respect Ms Carroll well
enough to mark up Vedanta shares 3.5
per cent yesterday. The low-key Mr
Albanese likes Ms Carroll, too. They
share an interest in aluminium,
apparently. But the only thing that
really matters at Vedanta is the opinion
of Mr Agarwal, who owns 70 per cent.
That, and a $9bn debt burden, borne at
a time when rates are set to rise.
jonathan.guthrie@ft.com
Entertainment One: kate.burgess@ft.com
lower half-year group revenue than
last year.
Interim figures are due in late
November, but Richard Ames, chief
executive, said Hornby was looking
ahead to Christmas with new
products including a Hornby Silver
Jubilee limited edition set and the
Scalextric James Bond “Spectre” Set.
Earlier this year Hornby raised
£15m through the issue of new
shares and moved from the London
main market to Aim.
Mr Ames said that despite the
problems, he was “confident that
Hornby will emerge as a stronger
and more robust business”. FastFT
Matt Lloyd/Rex
make venture capital-style investments
in the UK, amid the rise of high-tech
hubs of early-stage companies outside
London.
Charge is based in the so-called
“Oxford triangle” of automotive engi-
neering where several Formula 1 teams
make their home.
The company’s products add a fuel
supply to an electric heavy commercial
vehicle, extending its range — contrast-
ing with efforts by Tesla Motors and oth-
ers to create mass-market electric pas-
senger cars.
Kinetik is betting that the company
will be able to bring its products to the
market at the same price as a conven-
tional carbon engine, excluding the bat-
tery cost.
“We like the tech, we know how it
works, and we want to make it more
Thursday 17 September 2015
Briefs
Canada Pension Plan
Fund buys eOne stake
Canada Pension Plan will become
the biggest shareholder in
Entertainment One, the owner of
Peppa Pig, after agreeing to pay
£142.4m for a 17.9 per cent stake in
the company.
The fund will buy the entire
shareholding of Marwyn Value
Investors, the group that brought
eOne to the market. Marwyn, which
is backing a new listed vehicle, Gloo
Networks, had previously sold a 9
per cent stake in July.
EOne is one of the few listed UK
companies in the TV and film
sector, helping its shares to
quadruple over the past five years.
Last year, it bought 51 per cent of
the Mark Gordon Company,
producer of the hospital drama
Grey’s Anatomy, while the Peppa
Pig franchise generated sales with a
retail value of $1bn.
However, the company’s business
model relies on investing heavily in
films, recouping the cost when they
are distributed. Net debt was £314m
at the end of March.
The Canada Pension Plan
manages about C$264bn in assets,
and in March acquired Liberty
Living, a set of UK student housing
sites, for £1.1bn. It acquired the
stake in eOne for £2.69 a share —
equal to Tuesday’s closing price.
Henry Mance
Competition watchdog
EU may rule on O2 deal
The UK’s competition watchdog is
considering asking the European
Commission if it can examine CK
Hutchison’s £10bn deal to buy O2 in
the UK from Spain’s Telefónica at a
national level, as deals in the
telecoms industry come under
intense regulatory scrutiny.
The Competition and Markets
Authority (CMA) is asking
interested parties to comment on
the proposed acquisition by CK
Hutchison, which is controlled by
Hong Kong billionaire Li Ka-shing
and owns the Three mobile group.
The watchdog has the option of
approaching the commission under
a process known as “article 9” to
investigate a proposed deal at a
national level. FastFT
Refinery29
Website eyes UK launch
Lifestyle website Refinery29 is
launching its first international
editions, as it looks to build a global
media brand aimed at young
women.
The company will expand to the
UK in November, followed by
Germany and France in early 2016,
and other markets over the next
two years. This follows a $50m
funding round earlier this year that
included investment from WPP, the
advertising company, and Scripps
Networks Interactive, owner of the
Food Network.
Founded in 2005 as a guide to
New York’s independent fashion
shops, Refinery29 has shifted its
focus to content, initially focusing
on fashion but now encompassing
culture, food, technology and
politics. Shannon Bond
scalable,” Mr Sverdlov said. “For com-
mercial transportation, electric-only
vehicles are not enough.”
He added that Charge would focus
on trucks and buses in the 2.5 tonnes to
2.6 tonnes range.
“These vehicles need to work all
the time,” he said. “For the next 15 to
20 years, it will be a range-extended
standard.”
Managers of large fleets of trucks and
buses are increasingly looking to range-
extended engines for vehicles that have
to make frequent journeys through city
centres where, increasingly, emission
zones apply.
“This approach saves three times the
fuel consumption,” Mr Sverdlov said.
“We will aim to work with big fleet
managers and also carmakers,” he said.
“But it’s a big world out there.”
Thursday 17 September 2015
Banks
Lloyds fights forex ‘whistleblower’ case
Tribunal hears ex-trader’s
claim he was dismissed
after alerts over margins
JANE CROFT AND CAROLINE BINHAM
Lloyds Banking Group was hit by claims
from a former foreign-exchange trader
that he was unfairly dismissed for
whistleblowing about margins charged
to major clients, in a week that has seen
the lender escape another potentially
embarrassing claim stemming from the
Libor-rigging investigation.
Paul Carlier, a former forex trader at
Lloyds, claimed at a London tribunal
yesterday that he was “targeted” by the
bank for redundancy and “everything
Mining
Randgold bets
on Ghana
tie-up with
AngloGold
JAMES WILSON — LONDON
ANDREW ENGLAND — JOHANNESBURG
Randgold Resources is placing its next
big bet on African gold, preparing a
joint venture with AngloGold Ashanti
to revive the Obuasi mine in Ghana.
The proposal to partner with AngloGold
to redevelop Obuasi is a long-awaited
answer to the question of where Mark
Bristow, Randgold’s chief executive,
would choose as the UK-listed miner’s
next flagship project.
A decade-long bull run in gold prices
reversed in 2011 and the downturn
accelerated in 2013, leaving many of the
largest gold miners struggling with
exposure to expensive projects that
were suddenly less viable.
Randgold has weathered the down-
turn in the gold industry in better shape
than several of its rivals, and Mr Bristow
has talked for months about the com-
pany’s willingness to do a deal to acquire
the right asset to add to its four operat-
ing mines.
Mr Bristow said on a conference call
that the capital cost of Obuasi’s redevel-
opment could be up to $1bn. “Obuasi is a
world-class resource,” he said. “We now
have to see if we can convert it into a
world-class mine.”
In operation for more than a century,
Obuasi is one of Africa’s best-known and
largest gold mines and was the corner-
stone of Ashanti Goldfields, bought by
AngloGold in 2004. But Obuasi became
a lossmaking liability for the South Afri-
can miner, which shut it down last year,
and laid off thousands of workers.
It then started a feasibility study for
the redevelopment of Obuasi, which is
considered to have more than 5m
ounces of gold reserves.
Under the terms of a proposed joint
venture with AngloGold, Randgold will
lead a plan to reopen Obuasi, with both
companies jointly funding the mine’s
redevelopment if it goes ahead. Anglo-
Gold would cede operation of the mine
to Randgold. Obuasi “has got a long his-
tory of taking investors’ money away
from them . . . we believe we are going
to bring value because for us to get this
project to a point where it meets our cri-
teria, and AngloGold’s and the govern-
ment’s, we are going to have find and
demonstrate additional value,” said Mr
Bristow.
Srinivasan Venkatakrishnan, Anglo-
Gold’s chief executive, said it had moved
“toward breathing new life into this
important mine”. He added: “This is not
a project that any one company can do
on its own . . . it comes with a lot of
opportunities and challenges.”
Technology
Apple supplier Imagination warns of loss amid China slowdown
ROBERT COOKSON
Imagination Technologies saw its share
price fall sharply yesterday after the
UK chip designer warned that it was
heading for a first-half loss, after the
semiconductor industry was hit by
slowing growth in China and other
emerging markets.
The FTSE 250 company’s shares were
down 5.9 per cent by mid-morning in
London, having tumbled as much as 11
per cent in early trading.
Imagination, which supplies compa-
nies such as Apple, cut its expectations
for first-half revenues because of “soft-
ness” in the wider industry as well as a
leading customer deciding to “ramp
down” an older version of a silicon chip
earlier than had been expected.
that happened thereafter was just win-
dow dressing to make it fit”, in one of the
latest cases to feature a trader bringing
an unfair dismissal case.
Another ex-employee, Andrew Reed,
a submitter to the yen Libor rate, settled
his separate claim against Lloyds at the
last minute. A hearing had previously
been scheduled yesterday over allega-
tions that the bank dismissed him
unfairly in the wake of the Libor probe,
costing the bank £226m in fines last
year.
Lloyds was never fined as part of a
separate probe into the manipulation of
forex, and a senior manager at the bank
said in a witness statement yesterday
that Mr Carlier was a poor performer,
made redundant as part of cost-cutting.
Looking to find a stand-out from crowdfunding
Busy market: companies have raised £146m through equity crowdfunding this year — a gain of more than 50 per cent over the £91m raised in 2014 — Alamy
New rating agency will assess
every company raising money
on three biggest UK platforms
JUDITH EVANS
The fast-expanding equity crowdfund-
ing sector is aiming to add a professional
sheen to its investor offering with a new
rating agency that will assess every
company raising money on the three
biggest UK platforms.
The launch of Crowdrating comes as
data show that companies have raised
£146m through equity crowdfunding in
the year so far — an increase of more
than 50 per cent over the £91m raised in
2014, according to data provider Crowd-
surfer. Crowdrating will produce free
reports on every company listed on
Crowdcube — the market leader by fun-
draising volumes — and Seedrs and Syn-
dicateRoom, two of its biggest competi-
tors. Start-ups and other unlisted com-
panies sell stakes to retail investors on
these platforms, sometimes for as little
as £10.
Its launch comes after industry fig-
ures and the Financial Conduct Author-
ity, the City regulator, raised concerns
about the risks involved in the fast-
“This resulted in a timing gap before
the replacement chip ramps up,” the
company said.
As a result of the lower revenues,
Imagination has warned that it will
probably record a loss for the first half.
The company said it was more opti-
mistic about the second half of the year
but added that it “cannot be certain” it
will be able to recover all of the shortfall
from the first six months.
The warning comes at a testing time
for the company, whose losses widened
last year. While the group’s traditional
strength has been in chips for graphics
processing and gaming, it has also been
investing heavily in new product lines —
including communications chips and
core processing technology that pits it
against UK rival Arm Holdings.
★ FINANCIAL TIMES
UK COMPANIES
Mr Carlier claims he raised various con-
cerns with managers including ones
about pricing and margin levels and a
2014 trade involving supermarket
group Tesco. He raised concerns about
the Tesco trade, in which an order was
partially filled, and claimed that the
forex sales team was going to “buy
back” part of the order, not yet com-
pleted, at a lower price to make a profit.
He has also alleged that the Lloyds
The bank has said that
Mr Carlier’s allegations
are without merit and it
will defend them
Start-ups. Research boost
growing asset class, which has attracted
thousands of inexperienced investors.
The FCA has warned investors that “it
is very likely you will lose all your
money” in crowdfunding, since most
start-ups fail, while there are also con-
cerns over high valuations and deals
structured to favour institutional inves-
tors over individuals. Until this year,
there has been no independent research
available on the sector.
Modwenna Rees-Mogg, co-founder of
Crowdrating and a former corporate fin-
ancier, said: “Independent comment is a
real challenge in small-business equity,
and particularly acute in the world of
‘angel’ investors.”
Many crowdfunding investors have
had to rely on diversification in the hope
of making a return, she says, but should
at least be able to “filter out” the least
promising deals.
Since Crowdcube launched in 2011,
equity crowdfunding has attracted at
least 200,000 individual investors and
Crowdrating will initially
make money by charging
businesses for ‘health
checks’ and ratings reviews
Imagination makes money by selling
upfront licences to manufacturers and
then receiving royalties on the micro-
chips they produce. Its graphics chips
help to power Apple’s iPhone.
Oliver Knott, an analyst at N+1Singer,
said that while the trading update
was “clearly disappointing”, there
was some solace in the fact that
Imagination had been “tightly” manag-
ing its operating costs and would be
able to scale down its investment
‘There are . . . indications
of general softness across
the semiconductor
industry for the short term’
compliance team “doctored” part of his
application to the financial regulator
after it emerged he had county court
judgments.
His claims have emerged in the wit-
ness statement of Anders Henrikson,
head of foreign exchange product in
financial markets at Lloyds — the first
person to give evidence in the case. Mr
Henrikson said some concerns were
raised by Carlier only when he was told
he was at risk of redundancy.
“Paul did not raise specific complaints
about pricing and margin levels to the
effect that the bank’s regulatory obliga-
tion were being breached,” Mr Henrik-
son said.
He also said he had investigated Mr
Carlier’s allegations about the Tesco
helped to launch companies such as
JustPark, a parking app, and to expand
consumer brands including several
breweries and restaurant chains.
Unlike websites such as Kickstarter,
where money is handed to companies as
donations or in exchange for small
rewards, equity crowdfunding sites
offer the chance to make a financial
investment — although few companies
have so far offered investors successful
“exits” from their holdings. About half
of all the start-ups seeking venture capi-
tal funding in the UK have either raised
money through crowdfunding or plan to
do so, according to Tim Hames, direc-
tor-general of the British Venture Capi-
tal Association, in a sign of the sector’s
move into the mainstream.
“Equity crowdfunding is here to stay,”
said Alex Heath, co-founder of Crow-
drating and former chief executive of
Interactive Investor, a DIY investment
platform for funds and listed shares. “It
is part of the funding mix now, but there
will be bumps in the road over the next
couple of years.”
Crowdfunding already has one rating
agency, All Street, which launched in
March and produces in-depth reports
on selected equity offers. It issued a
sceptical report on the latest fundrais-
ing by BrewDog, a craft brewery that
according to the level of revenue
growth.
However, Mr Knott cautioned that
careful management of costs would not
be “sufficient to completely offset the
revenue weakness”. The broker forecast
that Imagination would report adjusted
profits before tax of £17.7m in 2015, on
revenues of £177m.
Sir Hossein Yassaie, Imagination’s
chief executive said: “There are some
indications of general softness across
the semiconductor industry for the
short term. However, given the rele-
vance of our technologies to the key
markets and design wins we have
already secured and expect to secure,
we remain confident of a growing
momentum in our business in the
medium-term.”
trade, concluding that there was no
wrongdoing, and that the accusation
was not “feasible.”
Mr Henrikson said that he had also
looked into Mr Carlier’s regulatory
application, and decided that the com-
pliance team had made a “professional
and proper” decision by not submitting
a particular letter.
The bank has said that Mr Carlier’s
allegations are without merit and it will
defend them. The case continues.
Claims from former traders fired in
the wake of the forex and Libor probes
— which together have cost banks about
$20bn in fines — are surfacing, with
another continuing against Citigroup
this week.
Additional reporting by Emma Dunkley
values itself at £366m, saying it was “dif-
ficult to see how investors will make a
financial return on this deal”.
Crowdrating will differ from All Street
by producing one-page reports based on
data responses to 60 questions, plus
analyst comments.
“Crowd rating agencies will pressure
some platforms to improve their stand-
ards,” said Goncalo de Vasconcelos,
founder of SyndicateRoom.
Crowdrating will initially make
money by charging start-ups for “com-
pany health checks” and ratings
reviews. It acknowledges potential con-
flicts of interest but says it will disclose
where it has been paid by a company
that it analyses. All Street is funded
purely by investors.
Mr Heath says he decided to launch
the service when he was looking for
investments to make as an “angel” and
repeatedly found himself “gazumped”
by the lure of crowdfunding.
“I spent a lot of time working with a
new entrepreneur, we agreed terms and
then everything went quiet. And then
up he popped on a crowdfunding plat-
form with a charismatic video, a valua-
tion three times higher than we agreed,
and no business plan. He was over-
funded within three days,” Mr Heath
recalled.
25
Construction
Galliford Try’s
20% rise in
profit builds
confidence
in recovery
MICHAEL POOLER
The recovery in the housing and
broader construction markets laid the
foundations for Galliford Try to post
record financial results and raise its
dividend, as profit at the British house-
builder rose by a fifth.
The company enjoyed record pre-tax
profit of £114m, up 20 per cent on last
year, becoming the latest in a string of
housebuilders to hit double-digit earn-
ings growth.
Group revenue was £2.35bn for the
full year, a 33 per cent increase on
last year’s £1.9bn, with about £400m
coming from the acquisition of Miller
Construction, an Edinburgh-based
company, in July 2014.
“All of our businesses [were] buoyed
by encouraging market trends,” said
Greg Fitzgerald, executive chairman,
who will retire at the end of this year
after leading the company for a decade.
The bulk of bottom-line earnings
came through the FTSE 250 group’s
Linden Homes business, where sales of
land worth £51.1m into joint ventures
pushed up operating profit to £124.3m.
Christen Hjorth, analyst at Numis,
said results were slightly ahead of the
broker’s expectations “predominantly
due to sales of PPP and PFI assets”.
“Housebuilding was a bit of a disap-
pointment compared with other
‘All of our businesses were
buoyed by encouraging
market trends’
Greg Fitzgerald, Galliford Try
housebuilders. If you exclude land
sales . . . there wasn’t a great improve-
ment in [Linden’s] operating margin,
which only increased from 14.6 per cent
to 14.7 per cent,” said Mr Hjorth.
Overall, the company completed
3,177 homes in the year — 70 more than
in 2014 — with the increase driven by
Galliford Try Partnerships, the wing of
the company that builds for social land-
lords such as housing associations.
A strong showing at the unit saw
operating profit margin rise 0.8 percent-
age points to 2.9 per cent, on revenues
of £329.4m, which were up more than
one-third.
Meanwhile, the group’s construction
operations — which largely focus on
public sector contracts such as water
and road infrastructure projects —
achieved a 55 per cent rise in revenue.
However, most of this was down to the
Miller Construction acquisition.
Galliford’s results feed into an
ebullient mood among Britain’s house-
builders. Last week Barratt Develop-
ments announced a 45 per cent jump
in pre-tax profits to £566m on turnover
of £3.8bn, up 18 per cent. Redrow
achieved record pre-tax profit of
£204m, up 53 per cent on last year.
Galliford Try said the UK’s shortage of
new homes, growing population and ris-
ing proportion of single-person house-
holds meant its homebuilding busi-
nesses were in “a position to grow”.
It added that the political appetite for
affordable housing underpinned confi-
dence of “continued growth” at Galli-
ford Try Partnerships.
The company said its construction
order book stood at £3.8bn, compared
with £3bn at this point last year, with 90
per cent of this year’s revenue in the
division “already secured”.
On the back of its robust financial per-
formance, Galliford proposed a final
dividend that brings the year total to
68p per share, up 28 per cent.
Basic earnings per share were up
19 per cent to 112.8p.
26 ★★★ FINANCIAL TIMES Thursday 17 September 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.817%
0.87% 0.59% 0.84% 1.49% 1.57% 0.81% 2.38% 1.28% 0.177% 1.042% 0.275% 5.61% 1.05%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 17 - Sep 16 Index All World Aug 16 - Sep 15 Index All World Aug 17 - Sep 16 Index All World Aug 17 - Sep 16 Index All World Aug 17 - Sep 16 Index All World Aug 17 - Sep 16 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
14,251.53 6,550.30 1,975.45
2,102.44 10,915.92 20,554.47 1,956.26
1,995.31 13,763.78 6,229.21
10,227.21
18,171.60
Day 0.87% Month -4.60% Year 0.56% Day 2.24% Month -3.60% Year -11.26% Day 1.49% Month -4.75% Year -8.13% Day 0.38% Month -6.90% Year 6.17% Day 0.81% Month -11.44% Year 13.94% Day 1.96% Month -0.40% Year -2.97%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,091.70 43,953.48 1,535.46 23,814.65 3,067.35
43,269.62 10,897.90
4,889.24
1,427.55 21,966.66 2,868.74
9,976.80
Day 0.59% Month -3.15% Year 8.20% Day 1.03% Month -1.09% Year -5.65% Day 1.57% Month -6.52% Year 3.58% Day 1.99% Month -8.30% Year -7.97% Day 2.38% Month -8.44% Year -9.81% Day 0.94% Month -7.88% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
48,553.10 23,389.72 3,748.16 27,831.54
17,545.18 47,450.58 4,971.25
16,739.95 22,059.21
4,645.84 25,963.97
3,152.26

Day 0.84% Month -4.22% Year -1.71% Day 2.51% Month 2.20% Year -17.87% Day 1.67% Month -6.27% Year 4.90% Day 0.71% Month -5.12% Year 6.11% Day 4.90% Month -20.50% Year 34.76% Day 0.31% Month -7.49% Year -3.18%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 10701.96 10660.73 Cyprus CSE M&P Gen 76.68 76.93 Italy FTSE Italia All-Share 23655.87 23505.19 Philippines Manila Comp 7093.92 7089.01 Taiwan Weighted Pr 8333.29 8259.99 Cross-Border DJ Global Titans ($) 226.12 223.78
Australia All Ordinaries 5123.60 5046.60 Czech Republic
PX 1002.30 1001.30 FTSE Italia Mid Cap 32683.54 32602.79 Poland Wig 51532.65 51484.93 Thailand Bangkok SET 1381.80 1370.65 Euro Stoxx 50 (Eur) 3251.79 3207.60
S&P/ASX 200 5098.90 5018.40 Denmark OMXC Copenahgen 20 947.15 943.90 FTSE MIB 22059.21 21903.63 Portugal PSI 20 5100.61 5012.41 Turkey BIST 100 73173.35 71299.43 Euronext 100 ID 895.03 878.70
S&P/ASX 200 Res 2820.90 2766.00 Egypt EGX 30 7175.59 7158.10 Japan 2nd Section 4541.75 4545.81 PSI General 2336.50 2297.30 UAE Abu Dhabi General Index 4534.70 4504.61 FTSE 4Good Global ($) 5369.59 5302.72
Austria ATX 2292.80 2272.35 Estonia OMX Tallinn 884.60 880.37 Nikkei 225 18171.60 18026.48 Romania BET Index 7123.25 7107.93 UK FT 30 2795.70 2764.70 FTSE All World 263.08 259.76
Belgium BEL 20 3479.95 3423.34 Finland OMX Helsinki General 8008.08 7934.58 S&P Topix 150 1232.36 1219.00 Russia Micex Index 1731.81 1716.26 FTSE 100 6229.21 6137.60 FTSE E300 1427.55 1405.49
BEL Mid 5714.25 5658.47 France CAC 40 4645.84 4569.37 Topix 1472.60 1462.24 RTX 837.39 807.52 FTSE 4Good UK 5679.27 5606.23 FTSE Eurotop 100 2840.50 2792.38
Brazil Bovespa 48553.10 47364.07 SBF 120 3636.26 3584.85 Jordan Amman SE 2049.07 2043.67 Saudi-Arabia TADAWUL All Share Index 7525.32 7547.78 FTSE All Share 3424.54 3380.92 FTSE Global 100 ($) 1272.94 1256.50
Canada S&P/TSX 60 811.31 793.57 Germany M-DAX 19742.82 19552.88 Kenya NSE 20 4217.78 4219.89 Singapore FTSE Straits Times 2868.74 2841.94 FTSE techMARK 100 3787.79 3782.22 FTSE Gold Min ($) 816.11 817.73
S&P/TSX Comp 13763.78 13462.71 TecDAX 1755.24 1736.69 Kuwait KSX Market Index 5732.75 5733.82 Slovakia SAX 264.47 266.27 USA DJ Composite 5959.95 5917.83 FTSE Latibex Top (Eur) 2543.10 2500.30
S&P/TSX Met & Min 453.57 444.10 XETRA Dax 10227.21 10188.13 Latvia OMX Riga 521.79 517.66 Slovenia SBI TOP 665.95 673.98 DJ Industrial 16739.95 16599.85 FTSE Multinationals ($) 1445.02 1430.82
Chile IGPA Gen 18561.03 18419.30 Greece Athens Gen 692.44 682.17 Lithuania OMX Vilnius 487.59 486.07 South Africa FTSE/JSE All Share 51029.24 49491.68 DJ Transport 8183.37 8163.93 FTSE World ($) 466.39 460.61
China FTSE A200 8686.62 8312.35 FTSE/ASE 20 202.05 198.13 Luxembourg LuxX 1449.17 1440.58 FTSE/JSE Res 20 36136.34 35645.15 DJ Utilities 560.12 553.74 FTSEurofirst 100 (Eur) 4028.86 3954.68
FTSE B35 9286.07 8844.07 Hong Kong Hang Seng 21966.66 21455.23 Malaysia FTSE Bursa KLCI 1647.15 1639.63 FTSE/JSE Top 40 45588.01 43985.37 Nasdaq 100 4383.67 4360.28 FTSEurofirst 80 (Eur) 4345.94 4287.07
Shanghai A 3302.15 3148.18 HS China Enterprise 9904.71 9704.27 Mexico IPC 43269.62 42827.35 South Korea Kospi 1975.45 1937.56 Nasdaq Cmp 4889.24 4860.52 MSCI ACWI Fr ($) 393.69 390.74
Shanghai B 305.17 286.69 HSCC Red Chip 4063.13 3984.38 Morocco MASI 9266.24 9333.84 Kospi 200 238.78 233.59 NYSE Comp 10236.72 10105.87 MSCI All World ($) 1634.01 1620.28
Shanghai Comp 3152.26 3005.13 Hungary Bux 21107.42 21126.96 Netherlands AEX 438.50 432.15 Spain IBEX 35 9976.80 9782.50 S&P 500 1995.31 1978.09 MSCI Europe (Eur) 1398.67 1381.46
Shenzhen A 1760.26 1652.14 India BSE Sensex 25963.97 25883.87 AEX All Share 676.03 665.76 Sri Lanka CSE All Share 7137.40 7152.43 Wilshire 5000 21033.25 20851.74 MSCI Pacific ($) 2222.50 2196.16
Shenzhen B 1046.62 1016.14 S&P CNX 500 6571.60 6543.25 New Zealand NZX 50 5667.97 5652.39 Sweden OMX Stockholm 30 1483.66 1469.08 Venezuela IBC 13135.86 13699.41 S&P Euro (Eur) 1441.50 1422.72
Colombia COLCAP 1253.60 1250.32 Indonesia Jakarta Comp 4332.51 4347.16 Nigeria SE All Share 30311.77 30369.97 OMX Stockholm AS 492.86 488.26 Vietnam VNI 564.13 563.27 S&P Europe 350 (Eur) 1465.15 1442.84
Croatia CROBEX 1719.31 1726.16 Ireland ISEQ Overall 6492.26 6470.37 Norway Oslo All Share 628.18 618.29 Switzerland SMI Index 8871.17 8790.44 S&P Global 1200 ($) 1824.49 1801.74
Israel Tel Aviv 100 13.95 13.99 Pakistan KSE 100 33345.56 33191.46 Stoxx 50 (Eur) 3100.17 3049.79
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Sep 16 %Chg %Chg Sep 16 %Chg %Chg Sep 16 %Chg %Chg Sep 16 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 43.0 116.41 0.13 Sabmiller 807.8 3614.00 599.50 Santander 737.6 5.15 0.10 Toyota Motor 676.8 7297.00 136.00 Sabmiller 3614.00 19.5 7.5 Polymetal Int 558.50 12.4 -3.0 Mcbride 151.00 18.0 88.8 Beverages 14296.19 8.8 1.3
Netflix 29.1 104.08 4.92 Glencore 224.7 134.70 6.65 Abertis Infr 718.9 14.25 -0.55 Kddi 462.8 2540.00 -63.50 Coca-cola Hbc Ag 1400.00 4.4 14.0 Vedanta Resources 550.50 8.4 -4.2 Cambian 293.25 11.9 44.1 Tobacco 43443.81 3.0 7.0
Molson Coors Brewing Class B 16.9 82.98 10.34 Bhp Billiton 156.2 1123.50 39.00 Ab Inbev 668.3 100.50 6.05 Tokyo Electric Power ,orporated 433.6 799.00 -19.00 Int Consolidated Airlines S.a. 598.00 3.5 23.0 Jd Sports Fashion 923.00 6.5 81.9 Infinis Energy 145.25 10.0 -34.0 Industrial Engineering 7919.92 1.9 -10.5
General Electric 15.9 25.93 0.63 Rio Tinto 150.6 2395.50 7.00 Nestle N 448.5 67.10 0.46 Mitsubishi Ufj Fin,. 419.2 761.50 13.50 Weir 1318.00 3.5 -28.8 Imi 1080.00 5.4 -14.5 Hss Hire 62.00 8.3 - Technology Hardware & Equip. 1196.30 1.8 0.5
Facebook Class A 15.2 93.45 0.55 Diageo 126.6 1777.50 32.50 Telefonica 441.9 11.71 0.13 Softbank . 367.8 6129.00 111.00 Hargreaves Lansdown 1234.00 3.4 21.9 Thomas Cook 118.40 5.2 -7.4 Wanton 198.00 7.6 22.2 Oil & Gas Producers 5900.52 1.3 -17.2
Bank Of America 13.4 16.33 0.02 Glaxosmithkline 125.6 1298.00 8.00 Novartis N 389.1 85.39 0.00 Mizuho Fin,. 314.0 236.40 1.20 Aberdeen Asset Management 334.50 3.2 -22.6 Rank 270.40 4.6 67.3 Darty 79.50 6.0 16.1 General Industrials 4432.58 0.9 13.8
Amazon.com 11.9 527.39 5.02 Vodafone 125.5 219.15 0.70 Eni 384.2 15.11 0.30 Fast Retailing Co., 306.1 46375.00 -775.00 Hikma Pharmaceuticals 2438.00 3.1 23.2 Nostrum Oil & Gas 522.00 4.6 24.3 Trinity Mirror 147.50 5.5 -9.4 Household Goods 15845.97 0.7 23.9
Hospira 11.8 89.95 -0.01 British American Tobacco 119.8 3575.00 102.50 Bbva 383.4 7.99 0.15 Nippon Telegraph And Telephone 285.8 4202.00 37.50 British American Tobacco 3575.00 3.0 2.1 Ashmore 268.40 4.5 -4.1 Soco Int 164.00 5.1 -45.9 Personal Goods 24297.40 0.6 -1.2
Tesla Motors 11.6 262.25 8.68 Bp 116.8 345.85 7.15 Roche Gs 341.0 239.06 0.00 Sumitomo Mitsui Fin,. 260.3 4785.00 65.00 Barratt Developments 655.50 2.7 39.2 Micro Focus Int 1287.00 4.2 19.2 Chemring 229.00 5.0 -4.2 Software & Computer Services 1481.99 0.5 18.7
Exxon Mobil 11.3 74.30 1.44 Hsbc Holdings 115.4 513.10 4.30 Daimler Ag Na O.n. 313.1 75.13 0.00 Ntt Docomo,. 237.5 2122.50 2.00 Imperial Tobacco 3352.00 2.7 18.2 Domino's Pizza 883.00 4.2 25.7 888 Holdings 170.00 4.3 22.7 Nonlife Insurance 2425.93 0.5 25.4
Carnival 3492.00 2.5 19.6 Wizz Air Holdings 1935.00 4.0 - Sthree 364.75 4.2 23.6 Automobiles & Parts 6586.33 0.4 -18.0
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Ashtead 1013.00 2.3 -12.1 Hunting 471.10 3.7 -11.4 Baring Emerging Europe 488.00 3.8 -1.3 Travel & Leisure 8474.65 0.3 5.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Molson Coors Brewing Class B 82.98 10.34 14.23 Sabmiller 3614.00 599.50 19.89 Richemont N 70.21 4.34 6.59 Sumco 1228.00 71.00 6.14 Morrison (wm) Supermarkets 160.10 -9.0 -13.1 Lonmin 22.80 -10.1 -87.2 Oxford Instruments 570.00 -14.4 -38.5 Food & Drug Retailers 2712.20 -5.7 -4.1
Chesapeake Energy 9.00 1.11 14.07 Hunting 471.10 33.00 7.53 Ab Inbev 100.50 6.05 6.41 Jtekt 1781.00 90.00 5.32 Glencore 134.70 -6.6 -54.9 Home Retail 134.10 -9.8 -35.4 Goodwin 2185.50 -12.2 -12.2 Mobile Telecommunications 5019.63 -4.2 0.1
Jd.com 26.99 2.01 8.05 Entertainment One 285.70 16.60 6.17 Gas Natural 18.43 1.05 6.01 Pioneer 273.00 13.00 5.00 Tesco 179.20 -6.3 -5.2 Fisher (james) & Sons 1000.00 -8.3 -16.6 Enquest 29.00 -9.4 -18.3 Forestry & Paper 15176.84 -3.9 34.7
Apache 43.04 2.61 6.46 Glencore 134.70 6.65 5.19 Inditex 30.29 1.69 5.91 Asahi Holdings, 3773.50 172.50 4.79 Sainsbury (j) 231.20 -5.0 -6.3 Premier Oil 83.30 -7.8 -50.2 Imagination 234.00 -8.9 2.2 Industrial Metals 713.54 -2.0 -53.1
Baidu 150.35 8.95 6.33 Aberdeen Asset Management 334.50 14.20 4.43 Kering 151.65 8.05 5.61 Ntn 586.00 25.00 4.46 Admiral 1539.00 -4.6 16.4 Northgate 465.50 -7.5 -23.3 Game Digital 228.50 -8.2 -4.8 Real Estate Investment Trusts 3260.27 -1.9 6.8
Vodafone 219.15 -4.6 -1.6 Kaz Minerals 156.50 -7.4 -39.3 Mucklow (a & J) 454.50 -8.2 -0.1 Real Estate & Investment Servic 3131.47 -1.9 16.9
Downs Downs Downs Downs
Mondi 1409.00 -4.3 34.2 Ao World 152.00 -5.6 -24.1 Costain 367.00 -7.7 31.2 Electricity 8467.71 -1.9 -13.4
Fedex 149.63 -4.37 -2.84 Fisher (james) & Sons 1000.00 -61.00 -5.75 Zodiac Aerospace 22.84 -5.29 -18.81 Thb Kansai Electric Power ,orporated 1353.50 -89.00 -6.17
London Stock Exchange 2425.00 -3.5 9.2 Cls Holdings 1795.00 -5.5 17.4 Morgan Sindall 722.00 -7.7 16.5 Fixed Line Telecommunication 4863.19 -1.8 6.7
Frontier Communications 5.18 -0.14 -2.63 Galliford Try 1708.00 -93.00 -5.16 Abertis Infr 14.25 -0.55 -3.72 Chubu Electric Power ,orporated 1785.00 -109.50 -5.78
Marks And Spencer 492.60 -2.9 2.9 Poundland 321.00 -5.4 -2.2 Tt Electronics 146.25 -7.3 41.3 Chemicals 10479.11 -1.8 -7.3
Level 3 Communications 44.44 -1.11 -2.44 Mondi 1409.00 -69.00 -4.67 Caixabank 3.56 -0.03 -0.81 Nippon Paper Industries Co Ltd 2019.00 -108.00 -5.08
Johnson Matthey 2630.00 -2.6 -22.6 Hansteen Holdings 115.30 -5.3 7.2 Blackrock Commodities ome Investment Trust 63.38 -6.8 -29.1 Construction & Materials 5083.54 -1.7 23.3
Dentsply Int 53.07 -1.28 -2.36 Northgate 465.50 -22.00 -4.51 Natixis 5.37 -0.04 -0.76 Sumitomo Osaka Cement Co., 459.00 -17.00 -3.57
Shire 4793.00 -2.5 5.7 Ocado 319.50 -5.1 -20.1 Anglo Pacific 82.00 -6.6 -18.0 Industrial Transportation 2758.91 -1.5 -2.5
Patterson Companies 44.99 -1.04 -2.26 Riverstone Energy 930.00 -25.00 -2.62 Novozymes B A/s 38.84 -0.28 -0.72 Shionogi & Co., 4700.00 -135.00 -2.79
Bt 426.40 -2.4 6.2 Galliford Try 1708.00 -5.1 32.6 Liontrust Asset Management 295.00 -6.3 8.5 Health Care Equip.& Services 6662.91 -1.3 -1.1
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Sep 16 Currency Mid Change Mid Change Mid Change Sep 16 Currency Mid Change Mid Change Mid Change Sep 16 Currency Mid Change Mid Change Mid Change Sep 16 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.3677 0.0052 10.5812 0.0251 14.5339 0.1540 Indonesia Indonesian Rupiah 14455.0000 47.5000 16327.6236 83.2035 22426.8548 298.2122 Poland Polish Zloty 3.7116 -0.0095 4.1924 -0.0030 5.7585 0.0433 ..Three Month 0.6445 -0.0065 0.7279 -0.0060 - -
Australia Australian Dollar 1.3903 -0.0202 1.5705 -0.0199 2.1571 -0.0094 Israel Israeli Shekel 3.8590 -0.0254 4.3589 -0.0207 5.9872 0.0211 Romania Romanian Leu 3.9137 -0.0026 4.4207 0.0051 6.0720 0.0571 ..One Year 0.6444 -0.0065 0.7273 -0.0060 - -
Bahrain Bahrainin Dinar 0.3774 0.0001 0.4262 0.0009 0.5855 0.0060 Japan Japanese Yen 120.5350 0.3300 136.1501 0.6192 187.0093 2.3853 Russia Russian Ruble 65.2950 -1.6560 73.7538 -1.7333 101.3048 -1.5259 United States United States Dollar - - 1.1295 0.0021 1.5515 0.0156
Bolivia Bolivian Boliviano 6.9100 0.0100 7.8052 0.0254 10.7208 0.1230 ..One Month 120.5349 0.3298 136.1500 0.6192 187.0092 2.3850 Saudi Arabia Saudi Riyal 3.7503 - 4.2361 0.0077 5.8185 0.0584 ..One Month - - 1.1295 -0.4064 1.5515 0.0156
Brazil Brazilian Real 3.8340 -0.0285 4.3306 -0.0243 5.9484 0.0160 ..Three Month 120.5348 0.3296 136.1500 0.6192 187.0089 2.3846 Singapore Singapore Dollar 1.3975 -0.0057 1.5785 -0.0036 2.1682 0.0130 ..Three Month - - 1.1294 -0.4064 1.5514 0.0156
Canada Canadian Dollar 1.3195 -0.0074 1.4904 -0.0056 2.0471 0.0092 ..One Year 120.5338 0.3276 136.1499 0.6190 187.0092 2.3832 South Africa South African Rand 13.2838 -0.2014 15.0046 -0.1998 20.6097 -0.1023 ..One Year - - 1.1285 -0.4064 1.5513 0.0156
Chile Chilean Peso 679.7050 -7.5200 767.7593 -7.0851 1054.5583 -0.9572 Kenya Kenyan Shilling 105.5500 -0.1000 119.2238 0.1037 163.7602 1.4914 South Korea South Korean Won 1175.9000 -10.5500 1328.2354 -9.4841 1824.4020 2.1221 Venezuela Venezuelan Bolivar Fuerte 6.3013 0.0088 7.1176 0.0228 9.7764 0.1116
China Chinese Yuan 6.3709 0.0009 7.1962 0.0141 9.8844 0.1007 Kuwait Kuwaiti Dinar 0.3018 -0.0002 0.3409 0.0004 0.4682 0.0045 Sweden Swedish Krona 8.2545 -0.0373 9.3238 -0.0251 12.8067 0.0714 Vietnam Vietnamese Dong 22490.0000 -17.5000 25403.5352 26.3670 34893.1745 323.6345
Colombia Colombian Peso 2999.2500 -32.3000 3387.7967 -30.2682 4653.3206 -2.8665 Malaysia Malaysian Ringgit 4.3085 - 4.8667 0.0088 6.6846 0.0671 Switzerland Swiss Franc 0.9684 -0.0050 1.0939 -0.0037 1.5025 0.0074 European Union Euro 0.8853 -0.0016 - - 1.3736 0.0113
Costa Rica Costa Rican Colon 532.5500 - 601.5407 1.0920 826.2482 8.2995 Mexico Mexican Peson 16.5693 -0.2045 18.7158 -0.1966 25.7071 -0.0559 Taiwan New Taiwan Dollar 32.5125 -0.0565 36.7244 0.0030 50.4430 0.4199 ..One Month 0.8852 -0.0016 - - 1.3735 0.0113
Czech Republic Czech Koruna 23.9875 -0.0352 27.0950 0.0096 37.2164 0.3198 New Zealand New Zealand Dollar 1.5706 -0.0168 1.7741 -0.0158 2.4368 -0.0014 Thailand Thai Baht 36.0300 0.0295 40.6976 0.1071 55.9003 0.6068 ..Three Month 0.8851 -0.0016 - - 1.3734 0.0113
Denmark Danish Krone 6.6056 -0.0120 7.4613 0.0000 10.2485 0.0844 Nigeria Nigerian Naira 199.0500 -0.2000 224.8365 0.1826 308.8249 2.7949 Tunisia Tunisian Dinar 1.9537 -0.0025 2.2067 0.0012 3.0311 0.0266 ..One Year 0.8843 -0.0016 - - 1.3728 0.0113
Egypt Egyptian Pound 7.8296 0.0214 8.8439 0.0402 12.1476 0.1549 Norway Norwegian Krone 8.1355 -0.0708 9.1894 -0.0631 12.6222 0.0180 Turkey Turkish Lira 2.9993 -0.0305 3.3878 -0.0282 4.6533 -0.0001
Hong Kong Hong Kong Dollar 7.7503 0.0002 8.7544 0.0162 12.0246 0.1212 Pakistan Pakistani Rupee 104.3150 0.0100 117.8288 0.2252 161.8441 1.6411 United Arab Emirates UAE Dirham 3.6731 - 4.1489 0.0075 5.6988 0.0572
Hungary Hungarian Forint 275.8400 -0.8341 311.5744 -0.3749 427.9641 3.0177 Peru Peruvian Nuevo Sol 3.2101 -0.0009 3.6260 0.0056 4.9805 0.0486 United Kingdom Pound Sterling 0.6445 -0.0065 0.7280 -0.0061 - -
India Indian Rupee 66.4338 0.0312 75.0401 0.1715 103.0716 1.0833 Philippines Philippine Peso 46.6500 -0.1200 52.6934 -0.0396 72.3772 0.5427 ..One Month 0.6445 -0.0065 0.7280 -0.0060 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Sep 16 Sep 15 Sep 14 Sep 11 Sep 10 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2795.70 2764.70 2741.50 2755.90 2779.10 0.00 3110.40 2575.90 Forestry & Paper 39.71 Telecommunications 3.33 Personal Goods -4.25 FTSE 100 Price Change FTSE 100 Price Change
Sep 16 chge% Index Sep 15 Sep 14 ago yield% Cover ratio adj Return FT 30 Div Yield 1.78 1.81 1.82 1.81 1.80 0.00 3.93 2.74 Nonlife Insurance 24.55 Electronic & Elec Eq 3.14 FTSE All{HY-}Share Index -4.53 3I Group PLC 478.70 2.30 Land Securities Group PLC 1220 15.00
FTSE 100 (100) 6229.21 1.49 6660.55 6137.60 6084.59 6780.90 3.89 1.44 17.91 203.77 4845.83 P/E Ratio net 25.09 24.70 24.46 24.59 24.74 0.00 19.44 14.26 Construct & Material 23.85 Support Services 2.71 NON FINANCIALS Index -5.19 Aberdeen Asset Management PLC 334.50 14.20 Legal & General Group PLC 251.50 0.10
FTSE 250 (250) 17061.97 0.59 18243.44 16961.84 16925.69 15576.72 2.53 2.14 18.50 338.45 11800.78 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 22.89 Tobacco 2.66 Chemicals -6.78 Admiral Group PLC 1539 3.00 Lloyds Banking Group PLC 75.50 -0.08
FTSE 250 ex Inv Co (212) 18608.77 0.63 19897.34 18491.92 18457.49 16819.61 2.54 2.23 17.64 373.40 13125.14 FT 30 hourly changes Software & Comp Serv 19.40 Mobile Telecomms 2.10 FTSE 100 Index -6.83 Anglo American PLC 749.30 14.10 London Stock Exchange Group PLC 2425 -46.00
FTSE 350 (350) 3475.30 1.33 3715.94 3429.60 3403.95 3676.07 3.65 1.52 18.01 105.85 5449.96 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 18.69 Consumer Goods 1.82 Beverages -8.48 Antofagasta PLC 604.50 -1.00 Marks And Spencer Group PLC 492.60 3.80
FTSE 350 ex Investment Trusts (312) 3453.86 1.36 3693.03 3407.67 3381.92 3659.45 3.68 1.52 17.87 106.13 2788.84 2764.7 2785.1 2786.5 2778.5 2785.2 2791 2791 2793.1 2789.7 2802 2764.7 Leisure Goods 12.32 Industrials 1.53 Aerospace & Defense -8.63 Arm Holdings PLC 973.50 -7.00 Meggitt PLC 484.00 1.20
FTSE 350 Higher Yield (108) 3183.85 1.28 3404.32 3143.71 3118.11 3686.59 5.41 1.18 15.73 140.01 5104.31 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Tr 7.71 Industrial Transport 0.71 Gas Water & Multi -9.54 Ashtead Group PLC 1013 14.00 Merlin Entertainments PLC 382.70 4.70
FTSE 350 Lower Yield (242) 3435.89 1.39 3673.81 3388.79 3365.77 3305.38 1.83 2.57 21.18 60.21 3623.31 Financial Services 6.49 Health Care Eq & Srv -0.21 Banks -10.43 Associated British Foods PLC 3138 33.00 Mondi PLC 1409 -69.00
FTSE SmallCap (291) 4577.41 0.19 4894.37 4568.82 4569.05 4413.19 2.75 1.72 21.17 92.23 6225.11 Media 6.36 Food Producers -1.34 Utilities -10.63
FTSE SmallCap ex Inv Co (154) 4181.76 -0.15 4471.32 4188.06 4191.10 3904.69 2.62 2.54 15.04 82.84 5975.22 FX: EFFECTIVE INDICES Technology 6.09 Equity Invest Instr -1.37 Industrial Eng -11.55
Astrazeneca PLC 4323 -5.00 Morrison (Wm) Supermarkets PLC 160.10 2.70
Aviva PLC 469.10 -5.20 National Grid PLC 852.20 6.80
FTSE All-Share (641) 3424.54 1.29 3661.67 3380.92 3356.57 3610.73 3.62 1.53 18.11 103.02 5432.44
Sep 15 Sep 14 Mnth Ago Sep 16 Sep 15 Mnth Ago Fixed Line Telecomms 5.50 Financials -2.60 Electricity -14.45 Babcock International Group PLC 953.00 7.00 Next PLC 7665 70.00
FTSE All-Share ex Inv Co (466) 3389.37 1.32 3624.07 3345.08 3320.38 3582.31 3.65 1.54 17.80 103.38 2782.04 FTSE 250 Index 5.49 Tech Hardware & Eq -2.62 Automobiles & Parts -19.27 Bae Systems PLC 451.80 -1.60 Old Mutual PLC 196.90 4.60
FTSE All-Share ex Multinationals (577) 1185.00 0.56 1050.15 1178.37 1176.11 1102.38 2.71 2.04 18.07 25.66 2005.92 Australia 89.23 89.87 93.65 Sweden 79.12 79.16 77.80 General Retailers 5.05 Life Insurance -2.65 Oil & Gas -19.34 Barclays PLC 262.50 2.85 Pearson PLC 1141 1.00
FTSE Fledgling (107) 7776.55 -0.07 8315.04 7781.88 7781.45 6963.12 2.41 0.82 50.92 126.99 13922.44 Canada 88.33 88.34 89.94 Switzerland 158.15 158.51 159.44 FTSE SmallCap Index 4.95 Health Care -2.67 Oil & Gas Producers -19.91 Barratt Developments PLC 655.50 2.00 Persimmon PLC 2081 -4.00
FTSE Fledgling ex Inv Co (55) 10990.41 -0.16 11751.45 11007.92 11021.38 8617.61 2.35 0.60 71.22 155.07 19118.97 Denmark 106.29 106.30 105.93 UK 91.79 91.90 93.85 Consumer Services 4.28 Pharmace & Biotech -2.92 Basic Materials -26.95 Bg Group PLC 1016 11.00 Prudential PLC 1427.5 8.50
FTSE All-Small (398) 3176.38 0.17 3396.33 3170.85 3170.99 3051.83 2.73 1.68 21.83 63.42 5546.96 Japan 126.50 126.48 122.57 USA 103.31 103.22 104.30 Travel & Leisure 4.22 Oil Equipment & Serv -2.94 Mining -31.20 Bhp Billiton PLC 1123.5 39.00 Randgold Resources LD 3770 144.00
FTSE All-Small ex Inv Co Index (209) 3125.32 -0.15 3341.73 3130.04 3132.38 2895.94 2.61 2.46 15.57 61.07 5658.15 New Zealand 106.28 106.66 110.98 Euro 87.54 87.52 86.50 Food & Drug Retailer -3.12 Industrial Metals & -49.69 BP PLC 345.85 7.15 Reckitt Benckiser Group PLC 5855 166.00
FTSE AIM All-Share Index (822) 738.18 0.20 789.30 736.70 731.93 763.46 1.46 0.96 71.37 5.99 790.55 Norway 87.00 86.79 87.81
British American Tobacco PLC 3575 102.50 RELX PLC 1070 13.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 806.00 4.00 Rio Tinto PLC 2395.5 7.00
Oil & Gas (18) 6290.28 2.03 6725.85 6165.02 6074.56 8862.97 6.02 1.16 14.29 282.88 5197.24 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 426.40 4.85 Rolls-Royce Holdings PLC 720.00 -3.00
Oil & Gas Producers (11) 5936.61 1.97 6347.69 5821.80 5739.87 8388.73 6.09 1.15 14.22 270.00 5071.77 Bunzl PLC 1768 21.00 Royal Bank Of Scotland Group PLC 327.70 -1.20
Oil Equipment Services & Distribution (7)17321.73 3.43 18521.18 16746.87 16264.89 22834.95 4.41 1.40 16.13 571.69 12577.44 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1415 10.00 Royal Dutch Shell PLC 1671.5 40.00
Basic Materials (31) 3529.00 1.75 3773.37 3468.40 3448.09 5440.93 5.74 1.34 12.96 197.65 3459.51 Capita PLC 1211 9.00 Royal Dutch Shell PLC 1658 31.00
Chemicals (8) 11221.89 0.44 11998.96 11173.10 11157.60 10858.14 2.43 2.43 16.94 230.16 9641.69 Sep 16 No of US $ Day Mth YTD Total
YTD Gr Div Sep 16 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3492 77.00 Royal Mail PLC 468.80 -0.50
Forestry & Paper (1) 16560.72 -4.67 17707.48 17371.72 17371.72 12764.33 2.18 3.37 13.61 360.52 17202.83 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 234.90 5.60 Rsa Insurance Group PLC 516.00 0.50
Industrial Metals & Mining (2) 825.17 3.00 882.31 801.17 806.40 1530.46 1.40 -18.64 -3.84 11.18 720.12 FTSE Global All Cap 7593 450.86 1.3 -5.1-2.3 -4.1 613.22
2.5 Oil & Gas 164 326.04 3.0 3.0 -18.1 493.26 -16.0 4.2 Coca-Cola Hbc AG 1400 22.00 Sabmiller PLC 3614 599.50
Mining (20) 9661.52 2.35 10330.54 9439.84 9373.89 16160.28 6.48 1.26 12.22 614.93 4959.48 FTSE Global All Cap 6959 462.83 1.2 -5.1-2.7 -4.4 618.33
2.5 Oil & Gas Producers 115 296.32 2.9 2.9 -18.2 456.23 -16.0 4.3 Compass Group PLC 1018 10.00 Sage Group PLC 513.50 3.00
FTSE Global Large Cap 1362 397.06 1.3 -5.3-2.9 -4.8 552.24
2.7 Oil Equipment & Services 40 341.42 3.4 3.4 -17.6 471.01 -15.8 3.9 Crh PLC 1908 -5.00 Sainsbury (J) PLC 231.20 2.60
Industrials (117) 4383.77 0.45 4687.33 4364.33 4336.87 4338.04 2.52 1.20 33.19 82.68 4323.98
Construction & Materials (13) 5284.36 -0.21 5650.28 5295.46 5249.64 4104.69 2.40 -0.82 -51.07 109.46 5387.11 FTSE Global Mid Cap 1661 605.14 1.2 -4.7-0.5 -2.0 786.59
2.0 Basic Materials 273 371.98 1.7 1.7 -14.6 542.13 -12.6 3.3 Diageo PLC 1777.5 32.50 Schroders PLC 2924 23.00
Aerospace & Defense (9) 4506.09 -0.18 4818.11 4514.39 4491.36 5104.77 2.50 0.96 41.64 77.52 4620.98 FTSE Global Small Cap 4570 637.63 1.0 -4.3-0.9 -2.3 804.56
2.0 Chemicals 124 588.96 1.3 1.3 -5.6 860.73 -3.8 2.6 Direct Line Insurance Group PLC 364.10 -1.10 Severn Trent PLC 2112 24.00
General Industrials (6) 3601.73 1.07 3851.13 3563.64 3538.84 3330.73 3.12 1.66 19.34 68.53 3866.63 FTSE All-World 3023 263.08 1.3 -5.2-2.5 -4.3 377.46
2.6 Forestry & Paper 17 200.08 -1.2 -1.2 -3.9 318.89 -1.7 3.0 Dixons Carphone PLC 426.30 8.60 Shire PLC 4793 26.00
Electronic & Electrical Equipment (11) 5275.20 0.85 5640.49 5230.94 5229.88 4806.90 2.18 2.04 22.53 79.10 4632.75 FTSE World 2527 466.39 1.3 -5.1-2.2 -4.0 898.34
2.6 Industrial Metals & Mining 71 295.07 2.2 2.2 -28.4 430.16 -27.1 3.2 Easyjet PLC 1761 6.00 Sky PLC 1020 13.00
Industrial Engineering (14) 8379.20 1.68 8959.42 8240.81 8106.27 10413.30 2.89 1.62 21.40 207.02 9765.99 FTSE Global All Cap ex UNITED KINGDOM In 7266 461.77 1.2 -5.1-2.4 -4.1 619.40
2.4 Mining 61 406.29 3.6 3.6 -28.7 594.27 -25.6 5.7 Experian PLC 1070 17.00 Smith & Nephew PLC 1163 8.00
Industrial Transportation (8) 4117.53 -0.51 4402.66 4138.61 4136.21 4109.27 3.96 1.14 22.06 119.81 3422.84 FTSE Global All Cap ex USA 5630 422.71 1.7 -5.7-3.3 -5.5 609.89
3.0 Industrials 532 297.95 1.1 1.1 -5.3 411.54 -3.8 2.3 Fresnillo PLC 606.50 18.50 Smiths Group PLC 1129 28.00
Support Services (56) 6533.22 0.59 6985.62 6495.14 6459.11 6247.44 2.34 1.52 28.17 116.46 6509.31 FTSE Global All Cap ex JAPAN 6338 461.01 1.3 -4.7-2.9 -4.7 632.71
2.6 Construction & Materials 110 433.42 1.0 1.0 0.5 628.22 2.3 2.1 G4S PLC 243.20 1.30 Sports Direct International PLC 765.00 13.50
FTSE Developed 2088 424.03 1.2 -5.1-1.5 -3.3 580.86
2.5 Aerospace & Defense 29 494.57 0.4 0.4 -0.5 677.65 1.0 2.1 Gkn PLC 281.70 2.90 Sse PLC 1453 11.00
Consumer Goods (40) 17233.39 3.68 18426.72 16622.19 16448.98 16059.75 2.95 1.88 18.01 464.40 12100.80
FTSE Developed All Cap 5644 445.93 1.2 -5.0-1.3 -3.0 604.35
2.5 General Industrials 56 205.96 1.4 1.4 -5.3 304.97 -3.6 2.7 Glaxosmithkline PLC 1298 8.00 St. James's Place PLC 889.50 5.50
Automobiles & Parts (1) 6620.08 1.04 7078.49 6551.93 6453.23 7994.86 3.02 1.59 20.82 199.75 6088.09
FTSE Developed Large Cap 885 391.55 1.3 -5.2-1.9 -3.8 543.52
2.7 Electronic & Electrical Equipment 69 309.16 1.4 1.4 -5.0 394.67 -3.6 1.9 Glencore PLC 134.70 6.65 Standard Chartered PLC 735.10 14.00
Beverages (6) 14332.92 8.44 15325.41 13217.32 12985.86 14454.52 2.45 1.78 22.88 345.28 9739.28
FTSE Developed Europe Large Cap 205 342.55 1.9 -5.1-0.3 -3.1 537.26
3.6 Industrial Engineering 102 551.08 1.9 1.9 -10.9 747.77 -9.5 2.5 Hammerson PLC 612.00 3.00 Standard Life PLC 418.20 5.10
Food Producers (10) 8251.12 1.05 8822.48 8165.43 8052.83 7601.63 1.96 1.55 32.90 93.32 6851.29
FTSE Developed Europe Mid Cap 310 514.24 1.3 -4.1 4.9 2.8 734.19
2.6 Industrial Transportation 95 522.15 0.8 0.8 -12.5 719.66 -11.2 2.3 Hargreaves Lansdown PLC 1234 46.00 Taylor Wimpey PLC 200.10 1.00
Household Goods & Home Construction (13)13248.27 1.41 14165.66 13064.54 13080.27 10148.40 2.08 2.65 18.15 217.78 8964.76
FTSE Dev Europe Small Cap 717 731.11 1.1 -3.0 8.3 6.2 1016.39
2.3 Support Services 71 271.92 0.9 0.9 -0.2 361.08 1.1 1.9 Hikma Pharmaceuticals PLC 2438 18.00 Tesco PLC 179.20 2.20
Leisure Goods (2) 5533.25 -0.88 5916.40 5582.62 5575.44 5118.90 4.09 1.26 19.38 182.47 4638.68
FTSE North America Large Cap 319 428.14 0.9 -4.7-2.2 -3.7 560.00
2.3 Consumer Goods 406 403.34 2.0 2.0 -0.4 569.84 1.4 2.5 HSBC Holdings PLC 513.10 4.30 Travis Perkins PLC 2060 28.00
Personal Goods (6) 21154.68 1.99 22619.54 20741.95 20481.26 21233.31 3.08 3.01 10.81 484.64 13548.06
FTSE North America Mid Cap 397 653.37 1.3 -4.1-2.6 -3.7 802.54
1.7 Automobiles & Parts 98 374.38 2.1 2.1 -3.9 507.49 -2.3 2.4 Imperial Tobacco Group PLC 3352 80.00 Tui AG 1231 30.00
Tobacco (2) 43443.89 2.79 46452.18 42266.43 41785.11 41171.31 4.11 1.35 17.97 1786.68 26356.85
FTSE North America Small Cap 1480 667.83 1.1 -3.9-2.0 -3.1 797.79
1.7 Beverages 48 534.14 3.6 3.6 -0.7 765.81 1.3 2.6 Inmarsat PLC 1001 -20.00 Unilever PLC 2639 60.00
Health Care (20) 9068.86 0.33 9696.84 9039.33 8981.70 9487.40 3.81 0.65 40.67 292.31 6571.91
FTSE North America 716 287.72 1.0 -4.6-2.3 -3.7 385.76
2.2 Food Producers 102 548.05 0.9 0.9 -0.7 798.86 1.1 2.3 Intercontinental Hotels Group PLC 2392 17.00 United Utilities Group PLC 881.00 14.00
Health Care Equipment & Services (8) 6816.78 0.46 7288.81 6785.46 6748.80 5983.70 1.44 2.43 28.58 62.30 5744.55
FTSE Developed ex North America 1372 227.45 1.6 -5.9-0.3 -2.5 351.95
3.0 Household Goods & Home Construction 44 383.86 1.2 1.2 -3.1 539.53 -1.4 2.5 International Consolidated Airlines Group S.A. 598.00 2.00 Vodafone Group PLC 219.15 0.70
Pharmaceuticals & Biotechnology (12)12277.63 0.31 13127.80 12239.26 12160.07 13046.79 4.04 0.58 42.43 423.56 7903.54
FTSE Japan Large Cap 174 313.78 0.7 -8.7 3.9 2.9 388.79
1.9 Leisure Goods 26 128.33 1.8 1.8 1.9 163.75 2.6 1.3 Intertek Group PLC 2507 -7.00 Weir Group PLC 1318 20.00
Consumer Services (98) 4780.49 1.08 5111.51 4729.63 4740.81 4305.69 2.31 1.72 25.19 86.96 4289.78 FTSE Japan Mid Cap 305 458.14 -0.4 -9.1 8.7 7.8 549.64
1.5 Personal Goods 76 590.14 2.2 2.2 1.2 795.47 2.6 2.0
Food & Drug Retailers (7) 2828.33 1.28 3024.17 2792.54 2820.13 3160.30 2.50 -0.94 -42.67 42.92 3222.49 Intu Properties PLC 318.10 3.10 Whitbread PLC 4651 46.00
FTSE Global wi JAPAN Small Cap 776 488.12 -0.1 -7.9 5.2 4.1 604.22
1.7 Tobacco 12 1163.56 2.3 2.3 8.4 2245.68 11.7 4.1 Itv PLC 249.60 2.40 Wolseley PLC 4248 35.00
General Retailers (33) 3014.55 1.14 3223.30 2980.60 3003.80 2637.27 2.19 2.30 19.78 49.10 3277.14
FTSE Japan 479 129.83 0.5 -8.8 4.9 1.8 Health Care
3.8 180.84 158 460.73 0.6 0.6 6.1 639.28 7.6 1.8 Johnson Matthey PLC 2630 12.00 Wpp PLC 1363 15.00
Media (23) 7114.44 0.97 7607.08 7045.98 7015.51 6433.59 2.76 1.68 21.58 159.32 4171.84
FTSE Asia Pacific Large Cap ex Japan 490 533.31 2.1 -6.0
-11.1 -13.4 793.22
3.4 Health Care Equipment & Services 58 637.36 0.6 0.6 7.9 728.61 8.7 1.0 Kingfisher PLC 358.50 7.20
Travel & Leisure (35) 8279.52 1.06 8852.83 8192.59 8211.69 7022.97 1.94 2.36 21.84 138.20 7513.66
FTSE Asia Pacific Mid Cap ex Japan 441 726.43 1.8 -5.2-7.9 -9.9 1042.33
2.9 Pharmaceuticals & Biotechnology 100 352.42 0.6 0.6 5.5 507.94 7.3 2.1
Telecommunications (7) 3814.67 0.48 4078.82 3796.30 3831.15 3462.39 4.23 1.89 12.52 108.88 3943.66 FTSE Asia Pacific Small Cap ex Japan 1371 479.46 1.5 -6.6-8.3 -10.3 678.87
2.9 Consumer Services 384 384.34 1.1 1.1 2.7 497.36 4.0 1.7
Fixed Line Telecommunications (5) 4932.15 1.00 5273.68 4883.11 4902.69 4513.23 3.08 1.82 17.82 101.81 4236.84
Mobile Telecommunications (2) 5012.03 0.15 5359.09 5004.33 5066.65 4523.63 4.97 1.91 10.52 168.70 4611.81
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
931
1949
422.57
590.06
2.1
1.7
-5.9
-10.7
-5.9
-12.2
-12.9 668.06
3.3 Food & Drug Retailers
-14.4 838.36
3.2 General Retailers
53 307.05
120 513.25
0.9
1.2
0.9
1.2
2.1 413.46
7.3 648.57
3.5
8.7
1.8
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7957.48 1.16 8508.50 7866.50 7844.44 8717.26 5.20 1.35 14.26 305.26 8372.18 FTSE Emerging Large Cap 477 561.32 1.8 -6.0
-11.9 -14.2 802.32
3.3 Media 90 291.82 1.1 1.1 -3.0 378.20 -1.7 1.9 Sep 16 Sep 15 Sep 14 Sep 11 Sep 10 Yr Ago
Electricity (3) 8428.32 0.83 9011.94 8359.25 8365.10 9508.22 6.02 1.43 11.62 493.70 11197.06 FTSE Emerging Mid Cap 458 733.55 1.5 -4.9
-12.8 -14.8 1037.59
3.0 Travel & Leisure 121 371.22 1.1 1.1 3.1 484.84 4.4 1.7 SEAQ Bargains 5462.00 5236.00 5000.00 5000.00 5000.00 4512.00
Gas Water & Multiutilities (5) 7410.10 1.25 7923.21 7318.91 7291.44 8052.00 4.97 1.32 15.19 243.90 7805.73 FTSE Emerging Small Cap 1014 596.45 1.0 -6.4
-13.6 -15.7 817.30
3.1 Telecommunication 94 159.89 0.8 0.8 -4.3 278.43 -1.4 4.2 Order Book Turnover (m) 32.35 29.43 - - - 40.57
Financials (283) 4563.47 0.53 4879.47 4539.28 4489.99 4623.74 3.37 1.97 15.09 136.55 3961.75 FTSE Emerging Europe 97 297.03 2.2 -2.1-1.5 -4.7 432.53
4.4 Fixed Line Telecommuniations 44 132.37 0.6 0.6 -3.4 251.56 -0.1 4.7 Order Book Bargains 855767.00 663551.00 239.00 239.00 239.00 777032.00
Banks (9) 3916.63 0.72 4187.84 3888.60 3824.01 4535.58 3.94 1.31 19.43 145.16 2681.97 FTSE Latin America All Cap 243 667.64 2.3 -5.2
-24.4 -25.9 977.87
3.6 Mobile Telecommunications 50 171.14 1.0 1.0 -5.4 271.00 -2.9 3.6 Order Book Shares Traded (m) 1331.00 1036.00 2.00 2.00 2.00 1407.00
Nonlife Insurance (10) 2795.99 0.07 2989.60 2794.13 2769.98 2127.07 2.70 2.06 17.95 75.75 4698.96 FTSE Middle East and Africa All Cap 213 707.34 2.7 -5.8-6.1 2.9 Utilities
-8.1 1047.19 163 235.54 1.0 1.0 -11.9 427.55 -9.3 4.1 Total Equity Turnover (£m) 2342.69 1498.63 1521.08 1521.08 1521.08 1755.66
Life Insurance/Assurance (11) 7565.96 0.37 8089.87 7538.01 7401.80 7418.48 3.61 1.77 15.62 260.50 6916.02 FTSE Global wi UNITED KINGDOM All Cap In 327 344.71 2.4 -5.3-1.2 3.7 Electricity
-4.0 540.95 113 257.54 0.9 0.9 -9.2 463.04 -6.6 3.8 Total Mkt Bargains 979541.00 1.00 734534.00 734534.00 734534.00 872246.00
Index- Real Estate Investment & Services (24) 3128.56 -0.46 3345.20 3143.11 3152.66 2588.21 1.87 6.32 8.47 46.64 8003.78 FTSE Global wi USA All Cap 1963 495.18 0.9 -4.5-1.3 2.1 Gas Water & Multiutilities
-2.7 630.87 50 249.15 1.2 1.2 -16.3 462.82 -13.8 4.5 Total Shares Traded (m) 3961.00 0.00 3283.00 3283.00 3283.00 3388.00
Real Estate Investment Trusts (23) 2947.40 0.46 3151.49 2934.05 2946.33 2547.44 2.79 6.79 5.27 67.06 3459.11 FTSE Europe All Cap 1384 392.76 1.7 -4.6 1.3 3.3 Financials
-1.4 597.52 667 201.96 1.1 1.1 -6.4 311.73 -4.3 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7845.65 0.79 8388.93 7783.99 7747.71 6632.16 2.94 2.22 15.29 163.43 8456.73 FTSE Eurobloc All Cap 634 365.52 1.4 -4.8 1.7 3.1 Banks
-0.8 562.76 241 184.77 1.3 1.3 -8.1 303.62 -5.8 3.4 (c) Market closed.
Equity Investment Instruments (175) 7458.06 0.42 7974.50 7426.51 7407.38 7367.87 2.62 1.16 32.82 143.59 3892.23 FTSE RAFI All World 3000 3014 5500.95 1.4 -5.5-4.5 3.2 Nonlife Insurance
-6.6 6879.96 69 207.86 0.6 0.6 -2.9 288.37 -1.0 2.4
Non Financials (358) 3955.07 1.56 4228.94 3894.21 3871.30 4227.02 3.70 1.38 19.50 119.22 5497.77 FTSE RAFI US 1000 1004 8754.37 1.0 -4.8-4.2 2.6 Life Insurance
-5.8 10986.88 49 197.98 1.6 1.6 -6.2 299.15 -4.1 2.9
Technology (19) 1337.98 -0.33 1430.63 1342.38 1317.91 1148.08 1.47 2.06 32.95 17.96 1671.04 FTSE EDHEC-Risk Efficient All-World 3023 314.68 1.1 -4.7 0.1 2.3 Financial Services
-1.5 420.62 137 221.72 0.9 0.9 -4.3 293.79 -2.9 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1655.57 0.55 1770.21 1646.52 1633.79 1240.58 2.02 1.69 29.33 31.62 2166.33 FTSE EDHEC-Risk Efficient Developed Europe 515 281.45 1.5 -3.8 3.3 2.7 Technology
1.0 409.22 182 166.68 0.8 0.8 -3.2 198.03 -1.9 1.8 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1522.33 -1.06 1627.74 1538.62 1497.11 1437.12 1.01 2.70 36.78 13.22 1746.28 Software & Computer Services 79 281.04 0.8 0.8 3.5 321.65 4.4 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 127.77 0.7 0.7 -8.8 155.94 -7.2 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6182.45 6172.84 6174.98 6180.60 6191.13 6202.02 6206.08 6217.23 6208.39 6244.04 6167.94 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17043.59 17045.47 17043.20 16989.00 17011.11 17030.41 17040.16 17043.55 17041.68 17089.30 16982.37 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4571.30 4572.80 4576.21 4573.96 4574.51 4574.32 4574.17 4575.37 4574.81 4577.41 4568.54
FTSE All-Share 3403.34 3399.26 3400.21 3400.75 3406.11 3411.51 3413.61 3418.63 3414.69 3431.31 3397.24 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:15:29:00 Day's Low08:54:30 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:29:00 Day's Low08:55:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Anpario Int 11.143 11.609 1.61 1.485 9.43 7.48 - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Cello Group Int 77.03 78.301 1.69 3.412 1.18 2.81 0.84 0.8 Nov 27 2.64 2.41 08/11 120.00 AIM GLOO Gloo Networks PLC 126.00 -1.00 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Deltex Medical Group Int 2.736 2.953 2.199L 1.576L 1L 0.9L - - - - -
Dillistone Group Int 4.706 4.198 0.566 0.646 2.45 2.82 1.35 1.3 Nov 19 4.05 3.9
Eagle Eye Solutions Group Pre 4.854 1.835 3.555L 1.743L 16.17L 10.65L - - - - -
Epwin Group Int 124.1 - 7.6 - 4.59 - 2.12 - Oct 23 3.547 -
Galliford Try Pre 2348.4 1767.8 114 95.2 112.8 94.6 46 38 Nov 25 68 53
Jupiter European Opportunities Trust Pre 95.406 46.112 4.8 4.54 3.8 3.5 Dec 11 3.8 3.5
M P Evans Group Int 39.241 47.514 5.502 15.392 0.265 0.308 3.538 3.832 Nov 3 13.7 13.7
Modern Water Int 1.562 1.514 2.192L 2.488L 2.75L 3.11L - - - - -
Pan African Resources Pre 140.386 154.202 15.803 33.939 0.64 1.47 0.5396 0.8127 Dec 24 0.54 0.813
Prospex Oil and Gas Int - - 0.105L 0.338L 2.1 0.03L - - - - -
Quixant Int 13.587 12.346 2.602 2.173 0.032 0.029 - - - - -
Real Estate Investors Int 3.832 2.94 8.069 2.647 4.93 2.39 1 0.75 Oct 23 1.75 0.75

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 17 September 2015 ★★★ FINANCIAL TIMES 27

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu♦ 55.66 2.24 70.45 44.11 1.21 94.68 24261.21 Lyondell 87.30 3.52 115.40 70.06 3.25 10.15 40670.86
ANZ 27.88 0.74 37.25 26.41 10.12 9.61 57660.19 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1669.5 6.00 2047 1482 1.75 26.15 30773.92 AtlasCpcoB 198.50 5.50 270.00 165.20 1.48 18.83 9383.84 BankAm♦ 16.33 0.02 18.48 14.60 1.21 17.65 170459.39 Marathon Ptl 46.67 -0.58 60.38 37.32 2.11 8.25 25022.44
BHPBilltn♦ 23.97 0.54 36.19 22.41 9.89 9.59 55370.81 SampoA 44.22 0.09 49.40 34.77 4.29 15.11 27911.28 Bridgestne 4289.5 155.00 5182 3328 2.72 11.41 28936.01 Ericsson 80.40 0.15 120.00 77.45 4.15 26.10 32191.36 Baxter♦ 36.21 -0.04 43.44 34.50 5.67 11.63 19753.97 Marsh&M 54.64 0.03 59.99 48.66 2.02 20.65 28958.79
CmwBkAu♦ 75.35 1.93 96.69 71.26 8.27 13.52 89774.1 France (€) Canon 3693 71.00 4539 3172 4.21 18.25 40864.38 H&M 317.50 5.90 368.50 269.60 3.02 24.78 63660.85 BB & T 37.08 - 41.90 34.50 2.63 13.58 27197.46 MasterCard 92.73 0.62 99.18 69.64 0.63 28.83 102826.82
CSL♦ 90.50 1.54 102.43 71.04 1.62 22.56 30257.66 Airbus Grpe 55.69 0.63 67.88 39.64 2.10 16.44 49550.24 CntJpRwy 19680 200.00 24800 13320 0.59 14.33 33634.05 Investor 300.70 1.60 363.40 219.30 2.94 4.45 27947.3 BectonDick♦ 138.87 1.69 154.98 112.15 1.67 34.98 29198.02 McDonald's 98.69 0.50 101.88 87.50 3.36 23.21 94595.83
NatAusBk 30.51 0.68 39.71 29.15 10.15 11.58 57620.27 AirLiquide 106.00 0.65 123.95 87.17 2.33 20.57 41194.13 Denso 5687 236.00 6548 4500.5 1.88 17.34 41711.53 Nordea Bk 98.20 0.20 115.50 82.40 5.73 11.30 47962.37 BerkshHat 199415 109.95 229374 190007 - 18.50 161876.12 McGraw Hill 94.66 -0.24 109.13 73.96 1.31-158.35 25794.85
Telstra♦ 5.58 0.10 6.74 5.23 8.10 15.43 49066.57 AXA 22.45 0.05 25.24 16.43 4.12 11.05 62001.01 EastJpRwy 10500 160.00 12815 7623 1.11 21.97 34191.31 SEB 95.95 0.30 111.50 82.30 4.86 10.89 25224.37 Biogen 319.56 -0.30 480.18 265.00 - 21.92 75150.68 McKesson♦ 204.24 3.83 243.61 160.10 0.46 24.95 47466.03
Wesfarmers♦ 38.97 0.12 46.95 38.45 7.96 17.14 31497.79 BNP Parib 55.25 0.17 61.00 43.14 2.64 10.18 77771.39 Fanuc 20110 630.00 28575 17635 3.08 18.99 34359.3 SvnskaHn 125.30 0.80 426.00 114.10 3.26 16.46 28413.21 BkNYMeln 40.23 0.17 45.45 35.06 1.67 16.26 44515.21 Medtronic 70.12 0.19 79.50 55.54 1.84 32.70 99122.66
Westpc 31.07 0.87 40.07 29.20 9.29 12.00 71150.95 ChristianDior 168.00 4.65 195.35 126.10 1.97 12.12 34485.26 FastRetail 46375 -775.00 61970 34075 0.69 40.03 40811.1 Swedbank 195.10 1.00 223.90 166.20 5.71 13.55 26127.03 BlackRock♦ 313.51 5.61 382.84 275.00 2.59 16.03 51301.66 Merck♦ 53.87 0.32 63.62 45.69 3.28 15.95 151732.13
Woolworths♦ 24.52 -0.15 36.00 24.36 7.30 13.66 22337.99 Cred Agr 11.36 0.03 14.49 9.82 3.00 9.31 33859.46 Fuji Hvy Ind 4346.5 156.50 4827.5 3050 1.52 11.88 28230.2 TeliaSonera 46.50 0.28 55.85 44.37 6.33 14.67 24392.8 Boeing 137.20 0.90 158.83 115.14 2.36 18.89 93226.73 Metlife 49.59 0.28 58.23 44.49 2.83 8.50 55386.13
Belgium (€) Danone 55.01 1.14 67.74 49.84 2.65 37.32 40696.33 Hitachi 644.90 20.60 939.90 620.00 1.67 11.50 25860.53 Volvo 90.15 1.05 120.50 71.00 3.27 23.50 17723.08 BrisMySq 61.61 1.52 70.54 47.55 2.35 58.42 102734.85 Microsoft 44.30 0.32 50.05 39.72 2.69 30.40 354310.56
AnBshInBv 100.50 6.05 119.65 78.75 3.01 19.93 182566.94 EDF 17.31 0.35 26.12 16.47 7.70 8.15 36357.27 HondaMtr 3830 128.50 4499 3239 2.23 13.16 57558.14 Switzerland (SFr) Broadcom 53.51 -0.29 57.70 34.50 0.96 30.63 29912.09 Mnstr Bvrg 133.93 1.45 155.83 88.93 - 49.84 27522.41
KBC Grp 58.93 -0.33 66.00 36.53 - 11.65 27809.26 Essilor Intl 108.40 0.95 121.10 76.65 0.92 38.90 26463.95 JapanTob 4123 9.00 4848 3101 2.55 17.38 68411.66 ABB 18.21 0.10 22.31 16.75 - 17.01 43526.92 CapOne 77.28 0.92 92.10 67.73 1.66 11.07 41918.91 MondelezInt 43.04 0.05 48.58 31.83 1.38 34.38 69350.66
Esslr Intl 108.40 0.95 121.10 76.65 0.92 38.90 26463.95 KDDI 2540 -63.50 3375 2041 2.17 42.66 56704.39 CredSuisse 25.96 -0.01 28.94 18.57 2.76 11.17 43920.63 CardinalHlth 85.36 0.28 91.91 71.72 1.63 23.97 27943.41 Monsanto 90.39 -0.49 126.00 89.34 2.14 16.55 42287.57
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 53170 1360 70100 42660 0.40 25.35 26820.74 Nestle 73.40 0.50 77.00 64.15 2.84 16.73 241665.19 Carnival 52.87 0.93 54.05 33.11 1.92 28.35 31335.42 MorganStly 34.62 0.04 41.04 30.40 1.28 17.78 67626.21
Ambev♦ 19.45 0.39 20.29 14.99 10.39 19.96 79737.03
Hermes Intl 325.15 11.85 365.55 229.00 0.88 37.78 38772.74 MitsbCp 2169.5 49.50 2837 1942.5 2.69 9.92 28619.67 Novartis 94.70 1.30 103.20 78.60 2.75 24.67 261783.6 Caterpillar 75.64 1.06 107.12 70.23 3.65 13.12 45583.13 MylanNV 49.01 -0.55 76.69 44.80 - 24.00 24090.76
Bradesco♦ 27.02 0.73 33.23 23.03 4.40 7.41 17790.61
LOreal 150.60 3.85 181.30 117.05 1.74 29.50 95213.04 MitsubEst 2458.5 -15.50 2975 2151.5 0.55 49.36 28359.33 Richemont 76.80 4.75 92.25 66.40 1.64 29.95 41397.77 CBS♦ 43.58 -0.18 63.95 40.75 1.36 19.00 19367.32 Netflix 104.08 4.92 129.29 45.08 - 237.51 44338.58
Cielo♦ 38.35 0.83 46.27 30.18 3.10 15.29 18871.94
LVMH 155.55 5.65 176.60 121.40 2.16 13.02 89267.08 MitsubishiEle 1178 30.50 1718 1103 2.41 10.26 20984.79 Roche 261.90 0.40 295.80 238.80 3.12 24.68 190005.34 Celgene 123.78 -0.57 140.72 83.16 - 47.50 97853.06 News Corp A♦ 26.74 0.17 39.27 22.81 1.01 6.90 32647.93
ItauHldFin 27.15 0.55 32.66 23.83 2.06 5.68 21577.52
Nmrcble-SFR 44.96 1.01 60.01 21.87 - -54.62 22253.58 MitsuiFud 3243 -21.00 3879 2854.5 0.75 27.48 26674.33 Swiss Re 85.45 1.40 96.95 69.25 5.05 36.46 32710.56 CharlesSch 31.11 0.29 35.72 23.35 0.76 33.02 40929.06 NextEraE 97.51 1.28 112.64 90.33 3.03 15.11 44084.63
Petrobras 9.48 0.75 21.25 7.88 - -4.22 18402.58
Orange 14.23 0.41 16.45 10.20 4.10 38.48 42576.78 MitUFJFin 761.50 13.50 936.80 546.20 2.30 7.08 89514.14 Swisscom 494.00 2.00 587.50 484.90 4.55 14.91 26425.2 ChevrnTx 79.02 1.85 125.70 69.58 5.34 12.36 148694.67 Nike♦ 115.58 1.74 117.72 79.27 0.95 30.72 78354.71
Vale 19.04 0.44 29.57 14.77 12.20 -9.71 15977.07
PernodRic 91.28 2.29 117.75 82.23 1.92 23.33 27366.33 Mizuho Fin 236.40 1.20 280.40 178.10 3.33 7.16 48623.69 Syngent 339.90 2.00 435.20 273.20 3.21 20.05 32623.12 Cigna 142.59 1.90 170.68 85.75 0.03 17.91 36716.27 NorfolkS 81.69 1.17 117.64 72.10 2.80 14.21 24620.29
Canada (C$) Murata Mfg 17115 280.00 22220 10800 1.10 20.57 31985.62 Cisco 26.07 0.09 30.31 22.49 3.05 15.02 131947.92 Northrop 170.96 0.63 176.83 118.24 1.67 17.54 32036.62
Renault 76.03 1.83 100.25 49.50 2.43 8.44 25396.49 UBS 19.42 -0.10 22.57 13.58 3.95 14.97 77187.52
BCE♦ 53.85 0.39 60.20 46.43 4.91 17.57 34640.72 NipponTT 4202 37.50 5066 3001.5 2.08 16.43 79253.35 Citigroup 52.59 0.59 60.95 46.60 0.15 12.78 158287.76 NXP 90.94 0.47 114.00 53.81 - 48.61 22894.28
Safran 69.29 0.92 71.35 43.66 1.69 -21.61 32639.39 Zurich Fin 266.70 1.60 334.60 255.00 - 10.95 41420.8
BkMontrl 71.38 1.65 85.71 64.01 4.52 10.90 34748.29 Nissan Mt 1157.5 30.00 1350 917.40 2.77 10.02 43412.52 CME Grp♦ 95.37 0.13 100.87 75.94 2.01 27.33 32211.8 Occid Pet♦ 68.39 1.64 95.21 64.83 4.20 -21.68 52246.62
Sanofi 89.55 1.56 101.10 69.58 3.10 25.12 132762.45 Taiwan (NT$)
BkNvaS 59.44 1.17 73.33 52.60 5.70 11.18 54410.7 Nomura 727.70 -6.20 909.20 576.20 1.74 10.18 23077.77 Coca-Cola♦ 39.15 0.65 44.87 36.56 3.20 23.28 170302.64 Oracle 38.27 0.28 46.71 35.14 1.35 17.05 165941.67
Sant Gbn 41.72 0.64 44.84 29.51 1.45 28.76 27043.14 Chunghwa Telecom 98.40 - 99.80 90.00 4.78 19.52 23478.15
Brookfield♦ 40.79 -0.08 48.64 32.21 1.43 9.54 30346.98 Nppn Stl 240.30 -0.20 350.50 227.10 2.22 9.46 18945.7 Cognizant 63.62 0.85 69.35 42.94 - 25.99 38778.25 Pepsico♦ 93.07 1.01 100.76 76.48 2.83 21.81 136719.19
Schneider 56.65 1.02 75.29 52.03 3.30 20.13 37599.87 HonHaiPrc♦ 85.00 0.30 103.00 77.90 1.87 8.73 41812.53
CanadPcR 196.67 2.50 247.56 172.01 0.74 20.42 23815.91 NTTDCMo 2122.5 2.00 2873.5 1612.5 2.98 19.61 71946.32 ColgtPlm 63.07 0.64 71.56 50.84 2.28 25.67 56771.3 Perrigo 182.39 -1.07 215.73 135.00 0.25 201.93 26679.91
SocGen 42.20 0.17 48.77 31.85 2.77 10.61 38419.75 TaiwanSem 129.50 3.50 155.00 112.50 6.02 10.59 103282.78
CanImp 95.49 1.32 107.32 83.10 4.41 10.60 28753.24 Panasonic 1346 44.00 1853.5 1130 1.04 57.02 27392.95 Comcast 57.74 0.61 64.99 49.33 1.62 17.30 123051.9 Pfizer 33.18 0.01 36.46 27.51 3.21 23.87 204632.6
Total 42.13 1.15 51.74 36.92 5.93 32.43 114894.03
CanNatRs♦ 27.98 1.65 46.18 25.01 3.39 18.60 23206.14 Seven & I 5020 -56.00 5998 3794.5 1.44 25.58 36918.23 Thailand (THB) ConocPhil 49.47 2.19 81.28 41.10 5.82 37.20 61019.2 Phillips66 79.19 -0.02 86.68 57.33 2.57 10.33 42577.26
UnibailR 221.85 1.40 262.00 180.70 4.28 12.94 24715.64
CanNatRy♦ 76.17 1.74 88.89 68.81 1.54 18.11 45936.24 ShnEtsuCh 6499 116.00 8529 6059 1.50 21.36 23298.31 PTT Explor♦ 250.00 3.00 398.00 240.00 3.68 15.54 19818.89 Corning♦ 18.31 0.28 25.16 15.42 2.37 9.25 22446.87 PhilMorris 82.10 1.29 90.25 75.27 4.81 17.42 127188.15
Vinci 58.68 0.68 60.35 39.65 3.22 12.43 39680.74
Enbridge 51.88 1.43 66.14 47.43 3.28 209.88 33685.45 Softbank 6129 111.00 8760 6001 0.63 9.13 61051.54 United Arab Emirates (Dhs) Costco 143.61 1.18 156.85 117.03 1.04 27.09 63114.82 PNCFin 91.77 -0.20 100.52 76.69 2.10 12.72 47133.06
Vivendi 21.44 0.34 24.83 17.32 9.08 86.74 33121.68
GtWesLif 33.33 0.70 37.70 29.30 3.96 11.82 25193.66 Sony 3096 36.00 3970 1782 0.78 -51.89 32419.26 Emirtestele 14.50 - 15.85 9.41 4.55 15.33 34331.31 CrownCstl♦ 78.35 0.80 89.44 74.45 3.54 52.40 26150.25 PPG Inds 95.07 0.79 118.95 85.78 1.42 23.79 25737.48
ImpOil♦ 42.20 1.62 57.25 40.55 1.23 16.03 27108.78 Germany (€)
SumitomoF 4785 65.00 5770 3823 2.84 10.35 56135.19 United Kingdom (p) CSX 29.25 0.36 37.99 24.47 2.23 14.78 28898.46 Praxair 107.45 1.75 134.06 100.99 2.51 21.21 30781.37
Manulife 21.05 0.50 24.20 18.91 3.15 13.22 31447.66 Allianz 142.65 1.25 170.15 115.05 4.67 9.99 73636.41
Takeda Ph 5712 2.00 6657 4337.5 3.06 -29.88 37441.38 AscBrFd 3138 33.00 3293 2407 1.08 43.97 38543.35 CVS 101.54 -0.06 113.65 77.40 1.21 24.74 113164.93 Prec Cast♦ 229.25 -0.15 249.12 186.17 0.05 22.58 31521.33
Potash 33.62 0.53 47.10 31.74 5.54 14.30 21274.62 BASF 70.67 0.59 97.22 63.00 3.80 13.43 73317.7
TokioMarine 4592 -10.50 5504 3102 2.01 14.47 28859.27 AstraZen 4323 -5.00 4931.68 3746 4.13 72.89 84763.59 Danaher 89.27 0.87 92.92 70.12 0.52 24.92 61014.98 Priceline 1320.48 1.68 1395 990.69 - 29.80 66950.44
RylBkC 74.49 1.29 83.87 68.05 4.12 11.28 81475.88 Bayer 120.10 0.55 146.45 96.83 1.82 29.16 112182.66
Toyota 7297 136.00 8783 5710 2.66 10.61 206920.2 Aviva 469.10 -5.20 578.68 449.86 3.86 12.28 29445.58 Deere 81.35 -0.06 98.23 76.76 2.93 12.56 26696.33 ProctGmbl 70.10 0.65 93.89 65.02 3.65 23.22 190150.58
Suncor En 34.81 1.39 43.79 30.89 3.35 34.85 38142.46 BMW 87.42 0.19 123.75 74.59 3.23 11.01 59444.06
Mexico (Mex$) Barclays 262.50 2.85 289.90 204.05 2.48 121.70 68349.53 Delphi 79.64 2.45 90.57 58.23 1.24 17.98 22645.53 Prudntl♦ 80.88 0.42 94.30 74.05 2.77 14.39 36476.88
ThmReut 53.09 0.35 54.47 39.45 3.26 16.75 31449.44 Continental 195.60 2.30 234.25 136.85 1.62 15.96 44189.23
AmerMvl 15.03 -0.03 17.60 13.48 1.82 - 38091.17 BG 1016 11.00 1420 780.55 1.80 -51.24 53873.47 Delta 47.09 0.20 51.06 30.12 0.75 21.08 37455.31 PublStor♦ 205.47 1.55 217.99 162.34 2.83 36.38 35539.6
TntoDom 53.14 1.06 57.89 47.75 3.72 12.65 74665.82 Daimler 75.30 0.17 96.07 55.10 3.17 10.27 90994.97
FEMSA UBD 145.42 2.50 154.14 116.20 0.79 27.54 31021.43 BP♦ 345.85 7.15 499.25 252.55 7.47 -15.70 98134.22 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm♦ 55.20 0.33 78.53 52.59 3.11 15.32 86730.36
TrnCan 43.92 1.16 63.86 41.95 4.86 16.68 23598.23 Deut Bank 25.99 -0.19 33.42 22.66 2.81 22.47 40491.25
WalMrtMex 40.66 1.16 41.04 28.26 1.36 31.01 42378.4 BrAmTob♦ 3575 102.50 3894 3231.5 4.14 16.60 103399.56 DiscFinServ 53.39 0.49 66.75 50.92 1.85 11.19 23241.03 Raytheon 106.06 0.04 113.36 92.96 2.37 15.48 32194.3
ValeantPh 307.21 4.68 347.84 125.50 - 97.80 79440.13 Deut Tlkm 15.94 0.09 17.63 10.07 3.05 39.04 82916.69
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 103.96 0.53 122.08 78.54 1.72 21.90 175469.71 Regen Pharm 540.99 -0.46 605.93 320.06 - 138.08 55038.45
DeutsPost 24.58 0.10 31.19 21.55 - 16.54 33627.56 Netherlands (€)
China (HK$) BT 426.40 4.85 481.75 351.90 2.67 16.36 55374.49 DominRes♦ 68.75 0.67 80.89 65.53 3.58 23.83 40859.63 ReynoldsAm♦ 42.51 0.42 44.14 28.14 3.11 15.94 30375.55
E.ON 7.53 -0.51 15.46 7.46 1.81 -5.74 17012.72 Altice 24.34 0.39 143.20 20.61 - -139.80 20601.27
AgricBkCh 3.09 0.05 4.55 2.87 7.37 4.56 12255.26 Compass 1018 10.00 1223.36 924.41 2.66 19.76 26024.66 DowChem 44.98 1.37 54.58 35.11 3.57 13.41 52091.42 Salesforce 71.88 0.61 78.46 51.04 - -459.71 47440.8
Fresenius Med 72.00 0.65 82.32 50.75 1.04 23.73 25301.31 ASML Hld 82.95 0.59 104.85 68.29 0.82 27.46 40601.51
Bk China 3.63 0.06 5.68 3.25 6.56 5.07 39166.17 Diageo♦ 1777.5 32.50 2055 1592.5 3.01 18.79 69341.82 DukeEner 69.18 0.59 89.97 67.27 4.53 20.87 47618.7 Schlmbrg♦ 76.16 2.57 105.85 68.01 2.33 22.91 96376.6
Fresenius SE 63.56 -0.18 66.56 36.00 0.67 30.34 39123.53 Heineken 71.95 2.29 77.77 54.03 1.32 25.65 46812.29
BkofComm 5.66 0.10 8.61 5.20 5.97 5.15 25568.81 GlaxoSmh♦ 1298 8.00 1645 1247.5 6.16 6.53 98006.2 DuPont 48.41 0.11 76.61 47.88 3.87 14.65 43803.21 Shrwin-Will 250.63 -0.04 294.35 202.01 0.96 25.79 23361.38
HenkelKgaA 80.05 0.37 99.44 66.70 1.57 20.66 23490.82 ING 13.25 -0.05 16.00 9.68 - 28.91 57911.86
BOE Tech 1.88 0.03 4.78 1.12 2.10 25.80 48.26 Glencore♦ 134.70 6.65 361.10 118.10 8.50-313.26 27349.89 Eaton 56.54 0.80 73.82 49.21 3.63 12.39 26432.45 SimonProp 183.42 2.34 206.31 162.43 2.96 38.73 57091.45
Linde 148.90 -0.25 195.55 141.80 2.06 26.97 31238.4 Unilever 35.73 1.19 42.75 28.75 3.15 21.67 69194.58
Ch Coms Cons 9.82 0.12 17.00 5.45 2.50 8.59 5609.82 HSBC♦ 513.10 4.30 674.57 482.55 6.33 11.57 155725.87 eBay 26.74 0.76 29.35 19.50 - 11.32 32575.42 SouthCpr 28.27 0.43 33.31 23.41 1.54 18.63 22531.59
MuenchRkv 166.90 0.95 206.50 141.10 4.32 9.51 32603.41 Norway (Kr)
Ch Evrbrght 3.43 - 5.65 3.22 12.97 4.42 3039.83 ImpTob♦ 3352 80.00 3413 2482.72 3.82 16.78 49774.54 Ecolab♦ 113.60 3.39 118.46 97.78 1.10 28.33 33522.48 Starbucks 57.26 0.35 59.32 35.39 1.05 32.71 84985.29
SAP 59.16 0.99 70.81 50.08 1.81 23.70 82093.63 DNB 114.50 1.60 143.00 100.90 3.39 8.26 22923.91
Ch Rail Cons 11.26 0.18 17.70 6.92 3.09 9.82 3016.53 LlydsBkg♦ 75.50 -0.08 89.35 70.90 0.99 41.03 83700.56 EMC 24.86 0.32 30.92 22.66 1.83 20.48 47848.7 StateSt 72.09 0.16 81.26 64.21 1.70 17.29 29420.87
Siemens 85.46 0.40 106.35 80.17 3.84 12.29 85043.95 Statoil 123.50 3.90 182.30 113.90 5.95 -9.82 48404.87
Ch Rail Gp 7.15 -0.19 12.30 4.03 2.51 11.51 3881.49 Natl Grid 852.20 6.80 965.00 806.40 4.96 15.97 49495.63 Emerson 47.06 0.74 65.94 44.03 3.86 13.25 30925.02 Stryker 100.60 0.75 105.34 77.87 1.31 41.81 37881.76
Volkswgn 167.50 0.65 254.50 147.35 2.79 7.84 55830.78 Telenor 162.00 0.90 186.10 128.90 2.39 22.75 29898.13
ChConstBk 5.56 0.13 7.98 5.02 6.78 4.90 172472.98 Prudential♦ 1427.5 8.50 1761.5 1287 2.59 14.53 56943.03 EOG Res 79.94 2.69 106.09 68.15 0.77 32.04 43900.77 Sychrony Fin 30.88 -0.24 36.40 23.76 - 12.02 25746.66
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 72.36 0.54 82.53 60.44 2.87 30.88 26344.99 Target 78.50 0.68 85.81 58.72 2.63 17.43 49331.77
RBS 327.70 -1.20 414.00 300.30 - -22.85 32913.53
ChinaCitic 4.73 0.08 7.40 4.36 - 4.36 9082.58 AIA 43.10 0.95 58.20 39.10 1.03 19.54 66997.83 QatarNtBk 190.00 3.40 237.00 159.90 3.90 12.28 36501.27 Exelon 31.06 0.57 38.93 29.55 3.94 11.64 26761.85 TE Connect 62.76 1.10 73.73 51.03 1.89 13.93 25253.65
ReckittB♦ 5855 166.00 6300 4895 2.37 24.88 64583.06
ChinaLife 27.85 1.00 41.00 21.00 1.77 14.09 26739.04 BOC Hold 25.10 0.70 33.70 23.15 4.40 10.40 34240.58 ExpScripts 84.44 -0.59 94.61 68.06 - 28.14 57058.73 Telsa Mtrs 262.25 8.68 286.65 181.40 - -64.20 33343.03
Russia (RUB) RELX 1070 13.00 1199 921.50 2.33 100.69 34351.71
ChinaMBank 18.60 0.04 26.85 13.12 4.51 6.50 11017.66 Ch OSLnd&Inv♦ 23.40 0.65 34.05 19.80 2.32 6.54 29771.26 ExxonMb 74.30 1.44 98.05 66.55 3.72 13.40 309790.04 TexasInstr 48.70 0.40 59.99 41.47 2.67 17.47 49984.99
Gzprm neft 142.91 0.96 166.94 113.73 5.82 7.40 51813.74 RioTinto 2395.5 7.00 3280 2107.78 5.70 23.83 51698.21
ChinaMob♦ 93.50 3.35 118.00 85.00 3.35 14.05 247010.16 ChngKng 59.05 2.10 77.55 50.10 - - 29406.93 Facebook 93.45 0.55 99.24 70.32 - 96.80 211172.38 TheTrvelers♦ 101.91 1.05 110.49 90.83 2.19 9.40 31714.97
Lukoil 2475 -3.10 3297.7 1913 2.81 12.85 32240.51 RollsRoyce 720.00 -3.00 1061 685.50 3.21 -52.95 20539.1
ChinaPcIns 29.40 0.55 47.10 24.80 2.10 13.96 10527.77 Citic Ltd♦ 14.42 0.12 16.40 11.64 1.47 6.90 54124.18 Fedex♦ 149.63 -4.37 185.19 130.01 0.54 40.23 42270.61 ThrmoFshr♦ 126.28 1.19 141.25 107.33 0.47 26.16 50321.02
MmcNrlskNckl 11119 110.00 12247 6766 12.32 13.52 26947.41 RylDShlA♦ 1658 31.00 2420.5 1542.5 7.32 12.29 100786.12
ChMinsheng 7.58 0.18 11.88 6.70 3.05 4.84 6781.18 Citic Secs 15.28 -0.10 40.50 14.28 2.31 6.92 4491.77 FordMtr 14.64 0.33 16.77 10.44 3.71 16.07 57051.87 TimeWrnr 70.57 0.58 91.34 66.82 1.87 16.97 57555.58
Novatek 628.60 0.50 646.30 390.12 9.56 30.88 29230.76 SABMill 3614 599.50 3787.5 2773 1.96 26.36 90715.31
ChMrchSecs RMB 17.40 1.11 40.00 10.74 2.43 10.18 13118.08 CK Hutchison 106.00 1.80 174.90 97.50 3.32 4.58 52788.06 Franklin 39.59 0.14 59.43 38.25 1.42 10.77 24301.06 TimeWrnrC 188.79 -1.00 194.22 128.78 1.96 27.60 53422.71
Rosneft 251.50 5.50 294.20 183.95 6.00 7.14 40821.53 Shire♦ 4793 26.00 5870 3448.28 0.30 14.51 44024.9
Chna Utd Coms RMB 6.33 0.30 10.74 3.36 1.08 33.27 21060.51 CNOOC♦ 8.68 0.17 14.58 7.60 6.45 7.62 50002.92 GenDyn 141.84 0.05 153.76 114.73 1.82 16.62 45775.62 TJX Cos 71.57 0.60 76.93 58.58 1.02 22.01 48264.72
Sberbank 77.71 2.86 80.98 47.21 - 5.34 25691.49 StandCh♦ 735.10 14.00 1242 693.00 7.51 16.36 29047.93
ChShenEgy 12.70 - 24.40 12.20 7.18 7.59 5569.05 HangSeng 147.20 1.80 162.10 123.20 3.75 10.68 36311.04 GenElectric 25.93 0.63 28.68 19.37 3.46 51.06 261800.4 T-MobileUS 41.53 0.22 42.56 24.26 - 124.51 33841.74
Surgutneftegas 35.60 0.67 39.80 21.82 1.95 1.33 19478.53 Tesco 179.20 2.20 252.52 155.40 6.30 -2.55 22622.9
ChShpbldng RMB 10.64 0.97 20.19 5.62 - 161.14 29991.24 HK Exc&Clr♦ 186.80 4.90 311.40 162.00 2.10 32.44 28860.77 GenMills 57.12 0.38 59.87 47.43 2.97 28.46 34255.25 UnionPac♦ 89.79 1.81 124.52 79.31 2.31 15.64 77910.03
Saudi Arabia (SR) Vodafone 219.15 0.70 258.00 179.10 5.05 10.23 90264.14
ChStConEng RMB 6.22 0.29 12.52 3.18 2.80 7.84 29191.4 MTR♦ 35.50 0.50 40.00 29.95 2.92 13.22 26791.02 GenMotors♦ 31.20 0.21 39.00 24.62 3.98 11.67 49360.38 UPS B 100.08 -0.44 114.40 93.64 2.76 23.66 69900.7
AlRajhiBnk 56.06 -0.13 74.00 48.40 3.41 13.87 24291.05 WPP 1363 15.00 1616 1091 2.80 14.09 27349.41
ChUncHK 10.38 0.20 16.00 9.68 2.41 16.53 32072.09 SandsCh 26.80 1.20 49.30 25.10 7.32 14.80 27902.35 GileadSci♦ 111.03 -0.02 123.37 85.95 0.38 11.88 162948.24 USBancorp 42.36 0.36 46.26 38.10 2.31 13.73 74596.14
SHK Props 102.90 2.50 137.60 93.25 3.24 9.47 38193.49 Natnlcombnk 54.77 -0.49 72.75 48.80 - 12.79 29130.35 United States of America ($)
CNNC Intl RMB 9.21 0.84 14.38 4.07 - 25.91 - GoldmSchs♦ 188.64 1.19 218.77 171.26 1.26 11.32 81656.79 UtdHlthcre♦ 121.15 1.12 126.21 80.72 1.32 19.55 115524.11
Tencent 135.40 4.20 171.00 104.50 0.26 39.55 164235.8 SaudiBasic 77.45 -0.56 136.50 70.25 6.79 9.61 61955.88 3M 144.20 0.60 170.50 130.60 2.57 19.08 90088.29
CSR 9.80 0.40 20.70 6.80 - 20.54 5527.04 Google 665.52 0.45 713.33 490.91 - 33.54 192925.11 UtdTech 93.94 1.26 124.45 87.17 2.58 13.66 83662.75
SaudiTelec 61.25 - 76.50 52.75 6.04 11.48 32664.48 AbbottLb 43.86 0.05 51.74 39.28 2.07 28.24 65370.76
Daqin RMB 9.75 0.32 15.15 7.33 4.99 10.02 22752.14 India (Rs) Halliburton♦ 38.65 1.64 67.89 30.93 1.76 22.95 33036.05 ValeroEngy 60.30 -1.14 71.50 42.53 2.21 7.00 29975.84
Singapore (S$) Abbvie 59.51 0.31 71.60 52.06 3.05 46.79 98505.49
Gree Elec Apl 0.23 0.01 0.45 0.13 - -2.41 324.00 Bhartiartl 359.50 8.50 452.45 332.50 1.00 28.04 21631.57 HCA Hold 85.20 -0.64 95.49 43.91 - 17.69 35374.36 Verizon 46.19 -0.18 51.73 38.06 4.70 19.53 187794.29
DBS♦ 17.43 -0.06 21.50 17.23 3.41 19.01 31215.69 Accenture 98.96 0.72 105.37 73.98 2.10 21.99 78928.61
GuosenSec - - - - - - - HDFC Bk 1023.35 10.20 1128 842.10 0.80 25.40 38772.89 Hew-Pack♦ 28.47 1.36 41.10 24.85 2.29 11.67 51195.46 VertexPharm 133.66 -1.79 143.45 91.04 - -44.07 32700.66
JardnMt US$♦ 47.12 0.91 67.88 45.02 2.98 10.27 32921.41 Ace 101.81 0.51 117.89 96.00 3.17 11.61 32966.59
HaitongSecs 11.66 0.20 27.90 10.00 2.68 6.20 5129.53 Hind Unilevr 806.85 2.20 981.00 707.15 1.48 42.75 26280.4 HiltonWwde♦ 25.47 0.46 31.60 20.72 - 39.12 25150.38 VF Cp♦ 71.96 1.00 77.83 61.75 1.68 30.19 30629.2
JardnStr US$♦ 26.95 0.41 37.03 26.11 0.99 9.68 30186.76 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1196.35 16.50 1402.3 975.00 1.23 21.11 28396.12 HomeDep♦ 117.82 1.64 123.80 86.35 1.79 23.11 151293.05 Viacom♦ 45.45 1.03 81.23 36.32 3.02 10.74 15792.06
OCBC♦ 8.97 0.05 10.92 8.63 4.11 8.57 25998.03 Adobe 80.53 1.00 87.25 58.51 - 110.15 40075.38
Hunng Pwr - - - - - - - ICICI Bk 272.85 3.95 393.40 247.70 3.74 11.73 23845.34 Honywell 100.96 0.64 107.41 82.89 1.96 18.34 78926.73 Visa Inc 70.99 0.48 76.92 48.80 0.64 30.19 138528.98
SingTel 3.69 0.01 4.57 3.58 4.66 14.80 42097.9 AEP 54.63 0.78 65.38 51.58 3.77 15.56 26799.27
IM Baotou Stl RMB 3.75 0.32 7.50 2.52 0.34-272.94 9265.91 Infosys 1101.65 2.45 2336 932.65 3.48 19.14 37901.57 HumanaInc 187.62 -0.07 219.79 121.04 0.59 22.50 27808.06 Walgreen 90.91 -0.01 97.30 58.39 1.51 22.96 99299.42
UOB 19.32 0.02 25.05 18.51 3.71 9.60 22151.02 Aetna 117.58 0.01 134.40 71.81 0.80 18.07 40998.75
In&CmBkCh 4.84 0.11 7.10 4.30 6.61 5.03 54202.01 ITC 322.15 4.75 409.95 294.00 1.69 28.05 38907.07 IBM 148.41 0.88 195.00 140.62 3.06 10.02 145372.02 WalMartSto 64.69 0.37 90.97 61.50 3.00 13.60 207392.38
Aflac 58.84 0.27 65.10 51.41 2.58 10.02 25342.04
IndstrlBk RMB 14.91 0.24 21.42 9.99 7.00 5.70 37865.64 L&T 1548.7 -9.45 1893.8 1401 0.96 24.83 21695.55 South Africa (R) IllinoisTool 85.76 1.30 100.14 78.79 2.23 17.48 31395.76 Wellpoint♦ 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 138.68 3.06 158.20 118.20 2.25 29.44 29813.77
Kweichow RMB 204.55 2.55 290.00 145.50 - 15.11 40332.65 OilNatGas 230.50 1.20 429.00 221.25 4.38 7.19 29684.3 Firstrand 52.25 0.43 58.47 40.27 3.80 12.68 22064.25 Illumina 205.29 -0.42 242.37 145.12 - 63.61 29705.46 WellsFargo 53.72 0.25 58.77 46.44 2.62 13.26 275764.06
Alexion 167.79 -1.24 208.88 150.06 - 58.10 37946.49
Midea 1.94 0.03 2.68 1.65 5.13 9.40 53.83 RelianceIn 872.55 4.40 1067.85 796.45 1.14 10.62 42533.96 MTN Grp 179.41 3.59 257.93 161.10 7.49 9.97 24925.19 Intcntl Exch♦ 233.44 -0.06 246.39 193.33 0.87 24.26 25792.45 Williams Cos 45.86 2.29 61.38 40.07 4.95 17.02 34381.76
Allstate♦ 59.20 0.22 72.87 54.12 1.93 10.09 23703.08
New Ch Life Ins 33.65 2.05 56.55 26.20 0.78 9.07 4489.82 SBI NewA 236.80 2.80 336.00 220.15 1.30 10.66 26969.4 Naspers N♦ 1734.99 44.96 2029.97 1130.01 0.28 43.75 54783.7 Intel 29.77 0.04 37.90 24.87 3.08 12.80 141526.58 Yahoo 31.40 0.36 52.62 29.00 - 4.41 29559.67
Altria♦ 55.36 1.25 56.70 44.03 3.71 21.71 108544.08
PetroChina♦ 5.83 0.15 11.04 5.61 5.59 13.43 15871.01 SunPhrmInds 887.20 20.60 1200.8 748.00 0.18 29.65 32137.14 South Korea (KRW) Intuit 89.47 0.48 109.21 77.96 1.11 62.06 24664.09 Yum!Brnds 83.07 0.65 95.90 65.81 1.90 41.23 35820.25
Amazon 527.39 5.02 580.57 284.00 - -1322.30 246665.69
PingAnIns♦ 38.85 0.75 62.90 28.53 0.40 5.53 37332.32 Tata Cons 2550.35 2.75 2839.7 2345 1.57 24.31 75194.33 HyundMobis 219000 5500 282000 185500 1.42 10.56 17792.89 John&John 94.61 0.21 109.49 81.79 2.97 16.89 261985.14 Venezuela ()
AmerAir 43.06 0.42 56.20 28.10 0.92 7.54 28928.59
PngAnBnk RMB 10.90 0.33 17.50 8.32 1.62 6.93 20195.56 Indonesia (Rp) KoreaElePwr 48700 50.00 53100 38750 1.0798865.48 26587 JohnsonCn♦ 41.96 1.02 54.52 38.48 2.35 15.65 27444.75 Bco de Vnzla 118.00 5.00 143.95 27.00 - - 31878.65
AmerExpr 77.32 0.82 94.89 71.71 1.70 13.66 77419.23
Pwr Cons Corp RMB 7.83 0.57 20.00 2.92 1.29 15.36 4055.8 Bk Cent Asia 11850 -100.00 15600 11000 1.34 15.91 20211.93 SK Hynix 35100 1500 51700 30300 0.89 5.26 21730.48 JPMrgnCh 64.14 0.56 70.61 50.07 2.52 11.73 237194.04 Bco Provncl 4000 - 4400 840.00 - - 31948.88
AmerIntGrp♦ 58.90 0.25 64.93 48.56 0.84 11.73 76209.94
SaicMtr RMB 18.35 0.85 29.18 14.00 6.63 6.99 31756.72 SmsungEl 1152000 29000 1510000 1033000 1.85 8.48 126684.39 Kimb-Clark♦ 107.26 1.62 119.01 99.57 3.16 61.47 39072.14 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 90.60 1.05 105.20 87.95 1.74 55.21 38349.08
ShenwanHong 0.19 - 0.49 0.17 - -2.51 61.78 Spain (€) KinderM 30.69 0.50 44.71 28.50 5.79 43.65 67270.55
TevaPha 241.00 -6.60 275.90 182.70 2.10 21.27 59390.58 Amgen 151.18 -0.96 181.81 127.67 1.83 20.31 114632.29
ShgPdgBk RMB 15.43 -0.03 19.17 9.40 4.97 5.88 36142.22 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 7.99 0.15 9.91 7.21 0.97 12.37 56876.84 Anadarko♦ 69.14 3.42 108.14 58.10 1.54 -14.13 35123.96
Sinopec Corp♦ 5.25 0.12 7.79 4.72 4.73 12.86 17282.55 Kroger 37.18 0.02 39.43 25.42 0.95 19.68 18058.76 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.05 0.03 4.50 3.36 3.19 81.56 43038.51 BcoSantdr 5.15 0.10 7.91 4.95 11.30 11.03 83314.64 Aon Cp 91.98 -0.11 107.08 78.26 1.13 21.29 25758.35
Sinopec Oil RMB 7.59 0.69 14.23 3.22 - 215.09 536.11 L Brands 92.70 0.93 95.78 64.47 1.80 24.20 26918.1 based on intraday trading over a rolling 52 week period.
ENI 15.11 0.30 19.34 12.98 7.21-708.35 62026.35 CaixaBnk♦ 3.56 -0.03 5.00 3.51 1.09 23.10 23201.9 Apple 116.41 0.13 134.54 92.00 1.64 13.64 663853.87
Denmark (kr) Iberdrola 5.98 0.10 6.49 5.11 2.52 15.69 42767.85 LasVegasSd 48.71 1.23 65.83 40.00 4.66 16.65 38843.85 ♦ ex-dividend
Generali 16.41 0.04 19.21 14.40 3.56 12.89 28858.02 ArcherDan 44.19 0.72 53.91 41.63 2.32 12.36 26909.04
DanskeBk 211.70 -0.80 218.00 139.20 2.53 33.97 32325.07 Inditex 30.29 1.69 32.54 19.29 1.33 36.00 106633.13 LibertyGbl 47.78 0.59 58.66 39.95 - -30.00 12064.83 ■ ex-capital redistribution
IntSPaolo 3.17 - 3.65 2.00 1.57 28.06 56810.02 AT&T 32.94 0.08 36.45 30.97 5.60 33.06 202613.94
MollerMrsk 10730 70.00 16450 10600 2.64 8.43 34858.75 Repsol 11.49 0.25 19.39 10.84 - 16.06 17833.72 Lilly (E) 84.45 1.49 90.18 60.58 2.31 44.45 93616.25 # price at time of suspension
Luxottica 60.15 1.00 67.80 34.74 1.16 39.34 32844.46 AutomData♦ 79.59 0.70 90.23 64.29 2.42 27.92 37073.83
NovoB 370.70 0.60 415.00 244.50 1.31 31.75 115750.02 Telefonica 11.71 0.13 14.31 10.76 3.33 18.53 64313.21 Lockheed♦ 207.56 -0.28 213.34 166.28 2.77 18.69 64454.55
Unicred 5.82 -0.03 6.61 4.82 2.01 15.91 39194.33 Avago Tech♦ 131.49 -2.89 150.50 68.75 1.10 35.06 36207.25
Lowes 70.07 0.63 76.25 49.85 1.38 23.81 65353.28

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
SABMill 3614.00 3014.50 599.50 19.89 590.50 19.5 10.05 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Sep 16 date Coupon S* M* F* price yield yield yield US Sep 16 date Coupon S* M* F* price yield yield yield US
Sinopec Oil 7.59 6.90 0.69 10.00 0.99 15.0 -27.09 E.ON 8.04 8.04 0.00 0.00 -1.63 -16.8 -22.15 High Yield US$ US$
Murata Mfg 17115.00 16835.00 280.00 1.66 1840.00 12.0 -5.79 KDDI 2540.00 2603.50 -63.50 -2.44 -353.50 -12.2 -22.71 Windstream Services, LLC 11/17 7.88 BB- B2 BB 105.10 5.36 0.00 -0.75 4.60 Wachovia Corporation 08/26 6.82 A A3 A+ 127.03 4.46 0.00 0.11 2.19
Ch Coms Cons 9.82 9.70 0.12 1.24 1.00 11.3 -9.41 NTTDCMo 2122.50 2120.50 2.00 0.09 -280.00 -11.7 -22.75 High Yield Euro Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.67 4.56 0.00 -0.03 2.29
Bridgestne 4289.50 4134.50 155.00 3.75 414.50 10.7 -3.92 Petrobras 8.73 8.73 0.00 0.00 -0.95 -9.8 -8.41 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 98.98 6.99 0.00 -0.20 -
CSR 9.80 9.40 0.40 4.26 0.91 10.2 -2.78 IM Baotou Stl 3.75 3.43 0.32 9.33 -0.34 -8.3 -23.47 SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.23 4.55 0.00 0.07 -
New Ch Life Ins 33.65 31.60 2.05 6.49 3.10 10.1 1.05 NipponTT 4202.00 4164.50 37.50 0.90 -297.50 -6.6 -14.61 Emerging US$ Archer Daniels Midland Company 12/27 6.75 A A2 A 120.38 4.61 0.04 0.21 -
Fuji Hvy Ind 4346.50 4190.00 156.50 3.74 384.00 9.7 -6.85 Glencore 134.70 128.05 6.65 5.19 -9.50 -6.6 -22.07 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.47 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.77 4.79 0.00 0.01 -
Panasonic 1346.00 1302.00 44.00 3.38 118.50 9.7 -3.79 Tesco 179.20 177.00 2.20 1.24 -12.00 -6.3 -11.57 Mexico 09/16 11.40 BBB+ A3 BBB+ 110.27 0.95 0.00 0.00 0.18
Brazil 01/18 8.00 BB+ Baa3 BBB 107.57 4.51 -0.08 0.28 3.75 Euro
Denso 5687.00 5451.00 236.00 4.33 493.00 9.5 -4.88 Enbridge 50.45 50.45 0.00 0.00 -3.08 -5.8 -8.95 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.29 2.31 0.00 0.16 0.04
FordMtr 14.64 14.31 0.33 2.31 1.11 8.2 -0.95 ImpOil 40.58 40.58 0.00 0.00 -2.41 -5.6 -14.31 Russia 07/18 11.00 BB+ Ba1 BBB- 119.86 3.64 0.00 0.05 2.87
Peru 03/19 7.13 BBB+ A3 BBB+ 116.46 2.26 0.00 -0.12 0.69 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.34 3.22 0.00 0.08 -
Kroger 37.18 37.16 0.02 0.05 2.78 8.1 -3.21 Swisscom 492.00 492.00 0.00 0.00 -29.00 -5.6 -11.23 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 109.25 2.32 0.00 0.18 -
Kweichow 204.55 202.00 2.55 1.26 15.23 8.0 -2.59 ChinaMBank 18.60 18.56 0.04 0.22 -1.02 -5.2 -11.22 Brazil 01/21 7.88 BB+ Baa3 BBB 100.19 4.89 0.00 0.57 3.31
Turkey 03/21 5.63 - Baa3 BBB- 104.52 4.74 0.00 0.24 3.16 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 106.54 2.31 0.00 0.15 -
In&CmBkCh 4.84 4.73 0.11 2.33 0.36 8.0 -7.81 MollerMrsk 10730.00 10660.00 70.00 0.66 -520.00 -4.6 -14.98
Poland 04/21 5.13 A- A2 A- 112.12 2.79 0.00 0.03 1.21 Yen
Sony 3096.00 3060.00 36.00 1.18 228.50 8.0 -7.69 Vodafone 219.15 218.45 0.70 0.32 -10.45 -4.6 -8.31
Colombia 07/21 4.38 BBB Baa2 BBB 102.43 3.94 0.00 0.14 2.36 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Nissan Mt 1157.50 1127.50 30.00 2.66 84.50 7.9 -0.69 EDF 17.31 16.96 0.35 2.06 -0.83 -4.6 -16.74
CntJpRwy 19680.00 19480.00 200.00 1.03 1410.00 7.7 -11.49 Telefonica 11.71 11.58 0.13 1.12 -0.55 -4.5 -14.47 Turkey 04/26 4.25 - Baa3 BBB- 91.29 5.41 0.00 0.19 3.14 £ Sterling
SaicMtr 18.35 17.50 0.85 4.86 1.30 7.6 -7.37 UBS 19.42 19.52 -0.10 -0.51 -0.89 -4.4 -9.88 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 124.67 3.95 0.00 0.30 1.68
Citic Ltd 14.42 14.30 0.12 0.84 1.02 7.6 -3.48 Cred Agr 11.36 11.33 0.03 0.26 -0.50 -4.2 -9.95 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 106.43 3.29 0.05 -0.02 1.02
Bk China 3.63 3.57 0.06 1.68 0.25 7.4 -11.89 JardnStr US$ 26.95 26.54 0.41 1.54 -1.10 -3.9 -9.35 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.73 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.26 3.21 0.00 0.08 1.64 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.37 4.04 0.00 0.22 1.77
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Sep 16 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 16 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 21.35 -1.19 22.54 53.29 10.88 Sep 16 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 20.51 -1.36 21.87 56.32 7.04 Tr 2pc '16 100.52 0.49 4.26 0.00 2.08 -25.76 101.97 100.52 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 169.81 0.15 -0.29 -4.75 -1.22 -5.15 VXN 22.58 -1.44 24.02 46.72 11.15 Tr 1.75pc '17 101.61 0.55 7.84 7.84 -3.51 -45.00 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 292.09 -0.33 -0.14 -0.48 -0.96 4.40 VDAX 24.27 -1.56 25.83 29.94 - Tr 5pc '18 110.49 0.71 5.97 5.97 -4.05 -48.92 113.65 110.49 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 248.72 -0.53 -0.09 -0.70 -0.09 -0.70 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.03 0.97 4.30 5.43 -6.73 -41.21 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 209.66 -0.09 -0.29 -1.43 -1.06 0.19 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.40 1.20 3.45 4.35 -6.25 -35.83 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 221.68 -0.15 0.14 0.00 -0.80 3.68 Tr 1.5pc '21 100.11 1.48 3.50 4.96 0.00 -27.80 142.92 100.11 0.04
Gilts( £) 286.76 -0.42 -0.14 0.39 -0.12 8.18 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.33 1.51 2.72 4.86 -3.82 -30.09 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 245.05 -0.80 -0.25 -2.31 -1.47 -2.36 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.60 1.82 2.25 4.60 -2.67 -27.78 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 292.79 -0.32 -0.13 -0.24 -0.76 4.74 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.65 2.05 1.49 3.54 -1.91 -24.91 131.90 116.13 0.31
Sep 16 (Libor: Sep 15) night Day Week Month month month month year Overall ($) 224.36 -0.53 -0.28 0.08 -0.28 0.08 Australia 10/18 3.25 103.86 1.95 0.00 0.12 0.05 -1.06 Tr 4.25pc '32 126.04 2.36 2.16 3.96 0.85 -20.00 136.85 117.16 0.35
US$ Libor 0.13600 0.001 0.001 0.002 0.20900 0.33550 0.54175 0.85455 Overall( £) 285.89 -0.39 -0.14 0.20 -0.32 7.09 04/26 4.25 112.40 2.88 -0.01 0.12 0.11 -0.90 Tr 4.25pc '36 128.00 2.50 2.04 3.73 1.63 -18.57 140.37 117.65 0.28
Euro Libor -0.18000 0.001 0.000 0.000 -0.11357 -0.03786 0.03057 0.14386 Overall(€) 217.97 -0.14 0.03 -0.24 -0.75 2.66 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.82 2.56 1.59 3.23 2.40 -18.47 153.16 124.52 0.26
£ Libor 0.48250 0.001 0.001 0.001 0.50788 0.58875 0.75313 1.05438 Treasuries ($) 216.01 -0.60 -0.42 0.44 -0.42 0.44 10/25 1.20 101.32 1.06 0.02 0.10 0.16 0.00 Tr 3.75pc '52 129.44 2.52 1.61 3.28 2.44 -20.25 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.79400 -0.72900 -0.66900 -0.56000 FTSE Belgium 06/18 0.75 101.74 0.11 0.00 0.00 -0.02 -0.31 Tr 4pc '60 140.66 2.48 1.22 2.90 2.90 -20.77 159.23 119.83 0.21
Yen Libor -0.004 0.04943 0.08357 0.12586 0.23543 Sterling Corporate (£) 110.13 -0.44 - - -1.21 0.05 06/25 0.80 97.21 1.10 0.04 0.08 0.12 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.10400 -0.03600 0.03600 0.15500 Euro Corporate (€) 105.89 -0.21 - - -1.42 -2.49 Canada 11/17 0.25 99.44 0.52 -0.01 0.03 0.14 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 798.77 12.58 - - -10.42 -14.76 06/26 1.50 97.98 1.71 -0.01 0.07 0.24 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.13500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.33 -0.23 - - -1.21 0.83 Denmark 11/16 2.50 103.23 -0.28 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 106.92 1.03 0.03 0.09 0.19 -0.27
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.69 1.12 0.00 -0.03 -0.03 0.00
Fixed Coupon Sep 16 chg % Return 1 month 1 year Yield
Sep 16 term notice month month month year Markit iTraxx 09/25 0.88 98.57 1.03 0.01 0.05 0.00 0.00
1 Up to 5 Years 98.12 -0.11 2356.65 0.08 2.34 1.04
Euro -0.20 -0.10 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 331.78 3.30 -5.46 18.50 371.85 242.25 France 11/16 0.25 100.49 -0.16 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.23 -0.24 3214.04 0.14 5.91 1.67
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 72.09 0.98 -0.57 4.31 81.85 52.94 11/19 0.50 101.48 0.14 0.03 0.05 0.08 -0.29
3 10 - 15 Years 206.34 -0.33 3772.83 0.05 9.07 2.05
Swiss Franc - - - - - - - - - - - - Japan 5Y 63.68 -0.18 -0.85 5.66 69.98 48.09 11/25 1.00 98.34 1.17 0.04 0.07 0.00 0.00
4 5 - 15 Years 184.68 -0.26 3349.08 0.13 6.81 1.78
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 82.49 0.51 -0.66 6.13 100.19 62.28 05/45 3.25 125.36 2.09 0.03 0.09 0.20 -0.45
5 Over 15 Years 295.80 -0.69 4257.53 -1.25 14.04 2.50
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.14 -0.19 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.46 -0.39 3196.82 -0.46 7.86 2.25
Japanese Yen -0.10 0.00 -0.15 -0.05 -0.35 -0.10 -0.20 0.00 -0.15 0.05 -0.05 0.15 10/20 0.25 100.81 0.09 0.02 0.04 0.07 0.00
Emerging Markets 5Y 352.30 0.41 2.14 10.13 396.59 278.35 08/25 1.00 102.09 0.78 0.03 0.08 0.16 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 387.97 -5.20 -12.68 6.32 426.92 337.73 08/46 2.50 123.91 1.52 0.02 0.07 0.23 -0.49
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Sep 16 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 79.78 -1.16 -2.18 3.24 87.98 60.22 Greece 07/17 3.38 87.97 10.98 -0.46 1.04 0.03 7.59
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 310.25 -0.02 0.21 -2.28 2359.07 0.21 -0.93
02/26 3.00 67.06 8.41 -0.06 0.12 -0.77 2.26 2 Over 5 years 577.56 -0.37 -1.69 14.34 4256.16 -1.64 15.26
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.79 -0.15 0.00 0.00 0.00 0.00 3 5-15 years 430.91 -0.09 -0.45 2.02 3266.56 -0.43 3.36
03/25 5.40 135.53 1.38 0.05 0.05 0.12 -0.74 4 Over 15 years 714.39 -0.48 -2.18 20.70 5169.07 -2.12 21.43
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.73 0.35 0.02 0.08 0.05 0.00 5 All stocks 534.17 -0.32 -1.41 12.55 3985.11 -1.37 13.55
05/20 0.70 99.36 0.84 0.02 0.05 0.04 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 100.07 2.00 0.04 0.07 0.00 0.00 Yield Indices Sep 16 Sep 15 Yr ago Sep 16 Sep 15 Yr ago
Crude Oil† Sep 47.23 2.51 Corn♦ Dec 385.50 -4.75 Sep 15 Sep 15 Prev return stock Market stocks
09/46 3.25 104.88 3.03 0.03 0.06 0.24 0.00 5 Yrs 1.28 1.24 1.78 20 Yrs 2.52 2.48 3.06
Brent Crude Oil‡ 49.83 1.75 Wheat♦ Dec 489.00 -7.00 Can 4.25%' 21 128.48 -0.293 -0.393 -0.27 5.18 69285.67 7
Japan 09/17 0.10 100.16 0.02 0.00 0.01 0.00 0.00 10 Yrs 1.95 1.92 2.53 45 Yrs 2.50 2.46 3.15
RBOB Gasoline† Sep 1.38 0.05 Soybeans♦ Nov 886.75 -3.00 Fr 2.25%' 20 113.49 -0.489 -0.506 0.23 20.31 204922.53 14
09/20 0.10 100.07 0.09 0.00 0.00 0.00 0.00 15 Yrs 2.34 2.30 2.89
Heating Oil† Sep 1.54 0.04 Soybeans Meal♦ Oct 316.00 -2.60 Swe 0.25%' 22 107.52 -0.735 -0.775 0.09 30.88 216828.88 6
09/25 0.40 100.31 0.37 -0.01 0.00 0.00 0.00
Natural Gas† Sep 2.66 -0.07 Cocoa (ICE Liffe)X Dec 2189.00 5.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 99.37 1.43 0.01 0.03 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Dec 3252.00 15.00 UK 2.5%' 24 339.92 -0.776 -0.823 0.44 6.82 482687.36 25
Netherlands 04/17 0.50 101.12 -0.21 0.00 0.00 0.00 0.00 Real yield Sep 16 Dur yrs Previous Yr ago Sep 16 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1579.00 5.00 UK 2%' 35 234.05 -0.818 -0.846 1.04 9.08 482687.36 25
07/25 0.25 93.43 0.95 0.04 0.07 0.13 0.00 Up to 5 yrs -0.70 2.63 -0.71 -1.08 -1.49 2.65 -1.50 -1.94
Carbon Emissions - - Coffee (Arabica)♥ Dec 117.70 -1.00 US 0.625%' 21 100.70 0.503 0.419 -0.87 35.84 1071483.03 36
Diesel Sep 121.25 0.00 White SugarX 357.50 2.10 New Zealand - - - - - - - Over 5 yrs -0.83 23.46 -0.84 -0.20 -0.87 23.56 -0.88 -0.25
US 3.625%' 28 131.65 0.950 0.419 -1.56 16.78 1071483.03 36
Unleaded Oct - - Sugar 11♥ 11.49 0.21 12/17 6.00 107.62 2.48 -0.01 -0.05 -0.12 -1.46 5-15 yrs -0.70 9.85 -0.71 -0.40 -0.84 9.86 -0.85 -0.55
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.94 0.64 -0.01 0.02 0.07 -0.87 Over 15 yrs -0.84 29.07 -0.86 -0.17 -0.87 29.12 -0.89 -0.20
Base Metals (♠ LME 3 Months) Cotton♥ Oct 62.29 -0.64 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 100.71 1.67 0.06 0.07 0.26 0.00 All stocks -0.82 20.35 -0.84 -0.21 -0.88 20.52 -0.89 -0.27
Aluminium 1623.00 5.50 Orange Juice♥ Nov 122.90 0.50 amount.
Aluminium Alloy 1710.00 30.00 Palm Oil♣ Oct 508.25 0.00 Portugal 02/16 6.40 102.67 -0.12 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5390.00 58.00 Live Cattle♣ Oct 137.60 -2.75 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.52 2.70 0.00 0.18 0.23 0.00
Lead 1728.00 30.50 Spain 04/18 0.25 99.59 0.41 0.00 0.06 0.03 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Oct 188.43 -9.58
Nickel 10080.00 25.00 Lean Hogs♣ Oct 68.73 -0.80 Spread Spread Spread Spread 10/25 2.15 100.28 2.12 -0.01 0.04 0.12 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15675.00 105.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.63 1.04 0.00 -0.04 -0.03 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1744.50 6.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 115.63 0.81 0.05 0.16 0.17 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Sep 15 Month Year Australia 2.88 2.10 0.61 Italy 2.00 1.22 -0.27 Switzerland 10/16 2.00 102.85 -0.65 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1117.60 11.65 S&P GSCI Spt 368.37 0.33 - Austria 1.06 0.28 -1.21 Japan 0.37 -0.41 -1.90 05/26 1.25 112.49 0.08 0.00 0.00 0.00 -0.64
Silver (US cents) 1451.00 16.00 DJ UBS Spot 89.46 0.12 - Belgium 1.10 0.32 -1.17 Netherlands 0.95 0.17 -1.32 United Kingdom 07/18 1.25 100.99 0.90 0.03 0.05 -0.02 -0.66 Data provided by Morningstar | www.morningstar.co.uk
Platinum 964.00 5.00 R/J CRB TR 199.51 0.52 -29.38 Canada 1.71 0.93 -0.56 Norway 1.67 0.89 -0.60 01/21 1.50 100.10 1.48 0.04 0.07 0.00 0.00
Palladium 598.00 2.00 Rogers RICIX TR 2300.42 - - Denmark 1.03 0.25 -1.24 Portugal 2.70 1.92 0.43 09/25 2.00 100.48 1.95 0.03 0.08 -0.01 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 263.43 -2.46 -36.17 Finland 1.03 0.25 -1.24 Spain 2.12 1.34 -0.15 01/45 3.50 118.50 2.60 0.03 0.08 0.06 0.00
Iron Ore (Platts) 57.00 0.00 UBS Bberg CMCI TR 13.68 -0.51 -30.56 France 1.17 0.39 -1.10 Switzerland 0.08 -0.70 -2.19 United States 07/17 0.63 99.74 0.76 -0.02 0.06 0.09 0.00
Iron Ore (The Steel Index) 56.00 -0.40 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.78 0.00 -1.49 United Kingdom 1.95 1.17 -0.32 08/20 1.38 99.04 1.58 -0.03 0.06 0.00 0.00
GlobalCOAL RB Index 50.50 -0.75 LEBA CER Carbon 0.50 2.04 316.67 Greece 8.41 7.63 6.14 United States 2.27 1.49 0.00 08/25 2.00 97.62 2.27 -0.01 0.09 0.14 0.00
Baltic Dry Index 814.00 12.00 LEBA UK Power 2108.00 61.66 -42.50 Ireland 1.38 0.60 -0.89 08/45 2.88 96.51 3.05 0.00 0.11 0.23 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
28 ★★★ FINANCIAL TIMES Thursday 17 September 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CloseBrs 1496 - 1857.39 1298.48 3.28 13.71 264.1 Rotork♦ 216.00 4.10 289.00 188.10 2.32 18.82 1711.3 Barrick C$ 8.83 0.54 18.35 7.94 2.21 -2.95 3847.9 SEGRO♦ 412.30 0.90 466.70 330.90 3.66 3.85 934.0 Latchways 1085 - 1094 705.01 3.65 28.65 21.8
AvonRub 896.50 -3.50 954.50 610.73 0.63 20.34 81.5 DBAG € 27.85 -0.43 34.50 20.20 1.40 10.75 10.4 Severfd 64.00 0.50 73.00 57.00 - 1333.33 272.9 BHP Bltn♦ 1123.5 39.00 1857 955.60 6.95 9.70 13903.0 Shaftbry 885.00 2.50 975.50 648.00 1.48 4.92 433.0 Lavendon♦ 170.25 5.25 211.50 155.50 2.70 17.96 1140.9
BAE Sys 451.80 -1.60 549.00 419.30 4.54 20.41 7504.6 El Oro 55.00 - 78.00 40.00 6.73 -4.71 106.2 SKF SKr 166.00 0.30 231.70 134.80 3.25 15.44 2238.4 BisichMg 89.50 - 100.00 60.15 4.47 6.89 0.1 Town Ctr 296.38 -1.50 324.65 230.00 3.52 5.55 7.4 MngCnslt 16.00 -0.25 26.50 13.25 5.16 -78.05 0.9
Chemring♦ 229.00 3.25 248.00 197.48 1.79 -26.19 597.7 Hargr Lans 1234 46.00 1299 827.00 1.81 36.23 1748.7 Spirax-S 3019 9.00 3767.56 2698.37 2.22 23.17 94.6 EVRAZ 72.45 1.80 209.90 65.05 - -1.40 2999.4 Wkspace 915.00 -1.00 988.00 592.00 1.20 4.02 67.2 MearsGp 387.00 -3.25 475.00 354.75 2.58 14.96 31.1
Cobham 287.90 1.80 349.10 250.50 3.70 -167.19 1564.5 HBM Hlth SFr 95.80 0.30 113.50 80.50 - - 8.4 Tex♦ 108.00 - 117.00 86.30 5.56 7.68 5.4 Fresnillo 606.50 18.50 939.50 569.63 0.32 128.22 1468.2 Real Estate Inv & Services MenziesJ 401.25 -4.75 525.00 306.25 4.04 35.68 43.8
Meggitt♦ 484.00 1.20 593.50 421.70 2.84 20.14 1781.1 HenderGp♦ 273.20 5.90 303.30 180.10 3.29 19.06 2878.7 Trifast 113.00 -1.00 134.00 88.63 1.42 15.99 58.8 GemDmnd 129.75 -0.75 206.00 121.00 2.45 10.63 88.0 Cap&Count♦ 426.50 -5.70 475.10 313.00 0.35 6.27 1469.8 MichaelPge♦■ 487.60 -2.70 568.00 358.70 2.26 23.60 547.8
RollsRoyceX 720.00 -3.00 1061 685.50 3.21 -52.95 5957.0 ICAP 460.00 1.20 573.00 355.02 4.78 36.09 628.8 Vitec 615.00 15.25 670.85 540.00 3.90 24.34 173.7 Harmony R 10.53 0.05 38.50 8.80 - -1.40 1265.8 Cardiff 1045 - 1085.5 950.00 1.24 4.53 0.1 MITIE 290.70 -2.30 329.90 263.90 3.89 30.71 429.8
Senior 280.40 2.80 361.70 248.90 2.01 18.86 394.9 Indvardn SKr 155.30 3.50 183.50 111.40 3.95 7.21 403.5 Weir 1318 20.00 2701 1216.2 3.34 - 1079.1 Hochschild 72.75 0.25 165.09 60.97 - -4.48 472.2 CLS 1795 11.00 2037 1270 - 3.82 5.9 PayPoint 1029 -6.00 1112.15 779.82 3.53 17.94 9.7
UltraElc♦ 1689 - 1914 1646 2.62 -148.17 99.7 ICG 539.00 2.00 712.83 421.98 4.61 9.18 364.3 Kenmr 2.40 0.07 11.75 2.18 - -1.08 4047.4 Daejan 6035 30.00 6614.2 4700 1.36 4.41 1.6 PremFarn 133.30 0.30 204.60 116.50 7.80 10.36 641.6
IPF♦ 404.20 9.50 520.00 348.00 2.97 11.75 514.9
Industrial General Lonmin 22.80 -0.10 217.40 20.50 - -2.99 6130.6 Rentokil 149.50 -0.40 154.20 110.90 1.73 20.94 2283.9
DvlptSec 251.75 -2.25 293.00 179.00 2.22 9.41 28.4
Automobiles & Parts Investec 536.50 6.00 649.50 477.20 3.63 19.90 1400.1 BritPoly 740.00 -3.50 755.00 571.35 2.16 11.90 7.6 Petra 110.90 -1.10 210.80 110.10 - 13.41 811.4 Grainger 238.00 1.00 256.00 167.80 1.05 27.60 483.2 Ricardo 880.00 -6.50 967.50 605.50 1.73 23.95 75.2
FordMtr $X 14.64 0.33 16.77 10.44 3.71 16.07 41608.5 Jupiter 457.60 6.70 478.20 313.70 2.88 13.68 404.0 CoatsGrp 25.50 - 31.50 19.00 - -380.60 584.4 Petropvlsk 5.98 0.13 39.00 4.21 - -0.87 1901.5 RbrtWlts♦ 415.00 2.00 478.00 270.00 1.45 24.20 4.9
JardnMt $X♦ 47.12 0.91 67.88 45.02 2.98 10.27 336.4 HelclBar 417.00 -3.00 460.00 320.00 1.64 6.86 66.8
GKN♦ 281.70 2.90 389.00 268.24 2.98 31.35 4440.4 Liontrust 295.00 8.00 393.50 210.00 1.36 21.72 0.2 PolymtIntl♦ 558.50 13.50 634.00 424.20 2.43 -17.22 648.3 HK Land $♦ 6.88 0.18 8.80 6.40 2.72 12.84 1803.0 RPS 229.75 2.75 286.30 181.50 3.69 16.25 845.5
Man 165.70 2.40 217.80 108.30 3.85 11.23 3312.3 Jard Str $X♦ 26.95 0.41 37.03 26.11 0.99 9.68 499.0 RndgldRs 3770 144.00 5752.1 3546 0.99 26.28 581.8 Shanks 91.75 - 113.50 84.50 3.76 -19.95 78.5
Banks Macfrlne 50.50 -0.50 53.00 34.00 3.27 12.25 118.8 Lon&Assc 35.00 -0.50 45.90 34.00 0.45 -4.94 10.7
NB GFRIF 94.40 -0.20 99.75 93.90 3.94 24.16 2013.4 RioTintoX 2395.5 7.00 3280 2107.78 5.70 23.83 6285.1 MacauPrp 164.00 1.50 253.00 159.00 - 8.63 61.4 SIG 184.30 0.90 212.20 143.40 2.39 33.02 286.1
ANZ A$X 27.88 0.74 37.25 26.41 10.12 9.61 8515.9 REXAM♦ 544.00 -2.00 592.50 424.60 3.25 19.24 669.5
Paragon 421.60 -0.70 461.50 313.70 2.13 12.98 255.5 Troy Res A$ 0.27 0.01 0.88 0.27 - -0.55 230.0 Mntview 12122.5 100.00 12900 7481.95 2.06 14.86 0.0 SpeedyHr 40.00 0.75 80.50 34.00 1.63 1025.64 6348.6
BcoSant 376.13 4.13 758.00 355.39 11.28 11.06 1137.6 RPC 658.00 - 696.24 488.20 2.16 31.63 527.4
Providnt 3088 29.00 3268 1942 3.17 23.04 177.3 VedantaRs 550.50 20.00 1063 353.21 7.58 -1.25 677.3 Q'tainEst 130.25 - 134.44 75.00 - 18.09 155.7 St Ives 175.00 -3.00 204.75 156.68 4.09 50.24 45.5
BankAm $X♦ 16.33 0.02 18.48 14.60 1.21 17.65 82163.0 Smith DS 405.20 6.40 423.70 231.82 2.59 24.71 2961.9
RathbnBr♦ 2176 -11.00 2348 1774 2.39 28.03 5.9 RavenRuss 42.50 - 70.00 37.25 - -3.00 51.7 TribalGrp 127.50 -0.50 188.00 125.75 1.41 -21.69 0.8
BnkGeorgia 1872 27.00 2601.83 1609 2.45 9.39 47.6
Record 37.25 - 41.00 29.00 4.03 14.07 37.0 Smiths 1129 28.00 1357 1006 3.57 20.03 900.4 Oil & Gas Vp 724.00 2.50 816.00 539.00 2.13 15.40 4.6
BankIre € 0.35 0.00 0.39 0.07 - 16.34 9924.5 SmurfKap € 26.49 -0.16 30.31 14.92 2.03 24.12 358.1 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenR Prf♦ 126.75 - 146.00 101.50 9.47 - 2.2
S&U 2449.5 - 2520 1815 2.33 15.88 1.0 RavenR Wrt 28.00 -0.38 47.50 25.00 - - 10.0 Watermn 72.00 - 76.00 50.00 1.39 54.96 40.7
BkNvaS C$X 59.44 1.17 73.33 52.60 5.70 11.18 2642.4 Vesuvius♦ 391.10 1.10 530.00 374.50 4.12 11.00 121.1 Aminex 2.05 - 3.17 1.46 - -24.12 1667.4
Schroder♦ 2924 23.00 3441 2086 2.67 17.95 262.4 Safestre 289.00 1.50 323.25 185.25 2.58 5.94 398.7 Wolseley 4248 35.00 4398 2990 1.94 38.36 405.9
BarclaysX 262.50 2.85 289.90 204.05 2.48 121.70 31479.2 BGX 1016 11.00 1420 780.55 1.80 -51.24 5474.0
..N/V♦ 2289 12.00 2629 1692 3.41 14.05 4.7 Industrial Transportation Savills♦ 896.00 -0.50 991.46 577.00 1.23 20.94 96.4
CanImp C$X 95.49 1.32 107.32 83.10 4.41 10.60 1697.9
SVG Cap 489.20 5.70 535.00 226.00 - 12.21 390.6 BPX♦ 345.85 7.15 499.25 252.55 7.47 -15.70 33785.3 Tech - Hardware
HSBCX♦ 513.10 4.30 674.57 482.55 6.33 11.57 22489.6 BBA Aviat 296.70 -0.10 362.10 267.60 3.49 17.62 805.3 Cadogan 12.25 0.13 13.25 8.25 - -0.74 20.0 SchroderRE 58.25 -0.75 63.00 54.50 4.26 5.16 450.2 ARM Hldgs♦ 973.50 -7.00 1233 778.50 0.72 46.21 6063.2
TullettPre 383.30 -0.20 415.90 242.60 4.40 8.19 191.9 Braemar 460.50 2.50 515.00 390.00 5.65 50.21 0.5 Smart(J) 101.50 - 112.40 86.00 2.92 42.17 0.4
LlydsBkgX♦ 75.50 -0.08 89.35 70.90 0.99 41.03 122397.5
Tungsten 69.75 - 391.21 52.49 - -2.65 310.0 CairnEng 143.00 3.60 210.00 135.20 - -2.34 610.2 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
RylBkC C$X 74.49 1.29 83.87 68.05 4.12 11.28 2725.9 Clarkson♦ 2171 -9.00 2855 1835 2.76 44.75 16.0 Cape♦ 239.25 4.25 293.00 177.00 5.85 13.17 108.3 StModwen 440.40 -0.40 499.40 324.59 1.04 4.15 241.7 Laird 372.20 -2.00 413.30 281.50 3.36 18.11 116.6
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 2.8 Eurotunnl € 12.02 -0.12 14.57 8.62 1.46 60.86 1009.2 UNITE Gp 645.00 -9.50 706.00 395.60 1.74 5.20 345.2
RBSX 327.70 -1.20 414.00 300.30 - -22.85 9248.6 Endeav Int' $ - - 0.47 0.02 - - - Pace 358.80 -1.20 520.80 316.34 1.22 10.27 281.5
StandChX♦ 735.10 14.00 1242 693.00 7.51 16.36 7199.3 Food & Beverages Fisher J 1000.00 -61.00 1442 958.50 2.20 12.95 54.4 EnQuest 29.00 0.75 114.50 21.50 - -2.54 1661.7 Urban&C 267.00 4.50 278.00 215.00 0.56 8.70 717.7 SpirentCM 74.50 -1.50 98.87 65.95 3.31 82.50 4815.7
..7.375%Pf 118.00 -0.75 128.00 108.50 6.25 - 62.6 AngloEst 546.50 1.50 690.00 521.00 0.55 -42.67 0.3 Flybe Grp 81.75 0.25 135.75 52.00 - -7.43 180.4 Exillon 113.00 3.25 175.57 90.00 - 6.94 55.1
Goldenpt 103.00 -13.00 370.00 100.00 - -0.38 18.9
Retailers Tech - Software & Services
..8.25%Pf 127.88 -0.13 141.00 119.50 6.45 - 13.1 AscBrFdX 3138 33.00 3293 2407 1.08 43.97 741.2 ExxonMb $X 74.30 1.44 98.05 66.55 3.72 13.40 15173.2 AA 334.00 0.60 434.50 287.00 - -144.78 628.3
TntoDom C$X 53.14 1.06 57.89 47.75 3.72 12.65 4100.7 Barr(AG) 563.00 -10.00 699.36 515.97 2.01 21.77 105.2 OceanWil♦ 805.00 -5.00 1172 790.00 4.97 74.00 4.1 GenelEgy 336.00 6.75 912.50 276.25 - -4.12 1163.0 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
RoyalMail 468.80 -0.50 532.50 388.00 4.27 14.42 1858.6 AO World 152.00 -2.00 240.00 106.86 - -254.18 245.3 AVEVA 2179 35.00 2344 1183.9 1.26 33.57 133.7
VirginMoney♦ 395.00 1.00 472.90 278.00 - -987.50 390.1 Britvic 661.50 7.50 788.00 600.72 3.16 16.44 1382.8 GeoPark $ 3.74 -0.06 10.69 2.70 - -3.49 18.7 AshleyL 28.50 - 36.00 24.94 7.02 11.09 15.4
Westpc A$X 31.07 0.87 40.07 29.20 9.29 12.00 8462.3 C&C € 3.43 -0.02 4.42 3.16 2.96 -14.06 27.3 UK Mail 380.00 -8.88 581.95 370.00 5.66 13.15 1.2 GrnDnGas 267.50 0.13 548.50 260.00 - 21.74 0.3 Computcnt 769.50 -1.50 802.40 651.67 2.57 8.37 15.5
Brown N 298.70 2.80 399.00 247.19 4.76 14.11 236.4 DRS Data 12.75 - 16.37 11.25 - -5.38 15.0
CarrsGroup 155.50 -2.50 178.50 136.00 2.19 11.94 88.2 Insurance GulfKeyst 29.75 -0.50 85.00 20.25 - -1.41 1153.2 Caffyns 590.00 - 665.00 480.00 3.18 1.78 3.9
Basic Resource (Ex Mining) Elecdata 63.25 -2.25 79.00 63.10 3.16 21.04 3.9
Coca-Cola H 1400 22.00 1497 1051 3.61 22.24 643.1 Admiral♦■ 1539 3.00 1640 1175.33 3.00 14.67 433.2 HellenPet € 5.60 0.35 5.65 3.35 - -11.05 485.7 Card Factor 367.30 -1.50 389.90 209.50 - 34.58 139.6
Ferrexpo♦ 58.75 2.75 133.20 47.60 7.14 6.03 280.8 MicroFoc♦ 1287 32.00 1442 945.50 2.38 34.98 474.7
Cranswk 1664 24.00 1730 1213.14 1.96 19.85 26.5 Amlin♦ 656.50 0.50 660.00 418.20 1.23 14.31 8764.7 Hunting 471.10 33.00 902.50 376.20 4.19 -29.63 1084.8 Dairy Fm $♦ 6.05 -0.05 9.99 6.01 3.75 17.77 102.2
IntFerMet# 0.90 0.06 8.35 0.76 - -0.55 562.4 NCC Grp♦ 254.25 -3.75 265.00 169.80 1.44 32.41 31.0
Dairy Cr 614.50 4.50 618.00 367.39 3.48 41.24 265.4 AvivaX 469.10 -5.20 578.68 449.86 3.86 12.28 9688.0 ImpOil C$X♦ 42.20 1.62 57.25 40.55 1.23 16.03 1927.5 Debenhm 76.40 1.55 96.80 56.85 4.45 10.39 1169.3
Mondi 1409 -69.00 1614.36 919.00 2.11 18.26 2752.6
Devro♦ 297.25 -0.75 328.00 230.00 2.96 53.11 39.7 JKX 16.25 0.75 51.13 10.23 - -0.43 215.2 RM 170.00 - 185.00 120.00 2.35 10.70 0.1
Vale BRLX 19.04 0.44 29.57 14.77 12.20 -9.71 6510.8 Beazley 353.60 3.00 355.50 248.50 2.66 12.30 833.5 Dignity 2427 2.00 2643 1406 0.83 -27.89 72.3 Sage 513.50 3.00 584.00 346.70 2.36 28.11 2105.0
Glanbia €♦ 17.30 -0.03 19.59 10.75 0.62 32.73 20.3 Chesnar♦ 342.75 2.50 367.81 309.25 5.37 13.44 65.3 Lamprell 128.50 2.00 172.00 93.50 - 10.26 114.2 DixonsCar♦ 426.30 8.60 490.80 351.20 - 20.11 2969.0 SDL 364.75 6.00 472.00 306.00 0.69 34.64 93.2
Chemicals Grncore♦ 294.90 2.30 359.40 228.50 1.85 19.92 570.6 DirectLine 364.10 -1.10 388.70 283.96 3.95 11.41 5394.3 Nostrum 522.00 -0.50 779.50 370.00 3.25 21.71 15.0 Dunelm 895.00 6.00 970.00 767.00 2.23 19.06 68.4
HiltonFd 445.88 -13.63 500.00 342.25 2.98 17.78 3.4 OphirEgy 90.15 2.50 256.40 80.80 - -2.08 1560.3 Telecity♦ 1117 -13.00 1250 815.63 1.21 88.75 463.6
Alent 494.90 0.90 496.77 294.56 1.85 23.00 794.9 Eccles prf 133.13 1.38 146.00 124.50 6.48 - 26.8 Findel 175.25 3.00 265.44 162.00 - -24.34 81.7
Kerry € 64.83 0.83 71.88 49.30 0.88 22.43 50.1 Petrofac 847.00 27.50 1203 594.00 5.01 -22.91 1188.7 TriadGp 36.00 - 43.00 9.25 - 15.50 10.6
Bayer €X 120.10 0.55 146.45 96.83 1.82 29.16 1825.9 Hansard 107.38 - 116.39 80.00 7.82 17.77 41.5 Halfords 457.90 5.40 563.51 417.10 3.19 13.74 824.2
Carclo♦ 150.50 0.25 169.75 80.00 1.76 -4.53 25.6 Nestle SFrX 73.40 0.50 77.00 64.15 2.84 16.73 6684.0 Hiscox 935.00 4.00 959.00 622.00 2.52 11.48 345.7 Lukoil RUBX 2475 -3.10 3297.7 1913 2.81 12.85 794.9 Inchcape 733.50 18.50 906.65 589.50 2.74 19.75 845.8 Telecommunications
Croda♦ 2781 2.00 3150 1965 2.36 21.65 195.7 PremFds 32.75 -1.25 47.79 26.13 - -1.29 2361.3 JardineL♦ 1032 -2.00 1112 815.00 2.80 20.17 17.3 PremOil 83.30 2.25 348.10 78.70 - -0.89 5264.9 JDSportsF 923.00 29.50 927.00 398.00 0.76 21.26 1898.0 BTX 426.40 4.85 481.75 351.90 2.67 16.36 19213.4
Elemntis♦ 232.20 1.70 324.10 224.00 2.28 10.10 588.0 REA 262.50 -2.50 430.00 250.80 2.94 55.00 5.5 Lancashire♦ 708.50 -1.00 715.50 506.00 1.24 10.15 355.8 RylDShlAX♦ 1658 31.00 2420.5 1542.5 7.32 12.29 6232.5 Lookers 180.20 5.20 185.30 117.50 1.58 14.70 292.1 Inmarsat 1001 -20.00 1056 653.00 3.11 22.31 1470.8
Syngent SFrX 339.90 2.00 435.20 273.20 3.21 20.05 253.0 SABMillX 3614 599.50 3787.5 2773 1.96 26.36 22352.2 Leg&Gen♦ 251.50 0.10 296.02 209.20 4.47 14.65 18413.6 ..B♦ 1671.5 40.00 2525 1550 7.26 12.39 5536.9 Marks&Sp 492.60 3.80 600.00 380.80 3.49 16.68 3749.1 KCOM Gp 90.50 -1.00 101.00 78.50 5.57 37.07 251.4
Synthomer 343.10 -0.60 364.10 176.64 2.27 23.14 311.4 StckSpirit♦ 190.00 4.25 316.00 172.00 0.93 28.44 55.5 NovaeGp♦ 890.00 0.50 914.39 516.50 2.79 11.67 43.5 Schlmbrg $X♦ 76.16 2.57 105.85 68.01 2.33 22.91 7676.7 MossBros 89.00 -0.50 112.00 77.50 7.19 23.41 35.0 TalkTalk 312.50 -2.50 415.10 261.00 4.03 40.67 1110.7
Victrex 1763 31.00 2202.55 1542 2.56 17.82 131.7 Tate&Lyl 560.50 12.50 744.50 492.20 5.00 86.23 1606.8 Old Mut 196.90 4.60 241.60 163.80 4.42 13.68 11534.0 SEPLAT 88.00 6.50 240.00 67.25 10.69 5.90 52.7 Next 7665 70.00 8055 6130 1.96 18.06 490.3 TelePlus 1111 11.00 1460 725.50 3.42 27.64 58.5
TongtHu R 113.65 1.15 174.50 110.00 3.83 11.47 148.8 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 Soco Int 164.00 10.25 436.30 117.00 5.94 -14.16 578.0 Ocado 319.50 2.80 478.50 216.80 - 280.02 1397.3
Construction & Materials Unilever 2639 60.00 3087 2397 3.12 21.99 3429.4 TrnCan C$X 43.92 1.16 63.86 41.95 4.86 16.68 1889.9 Pendragn 45.00 0.50 46.17 28.25 2.00 7.88 531.3 Tobacco
PhoenixGrp♦ 861.00 1.00 935.00 693.00 6.20 18.10 684.4
Alumasc 177.50 -3.00 182.00 113.60 2.82 15.34 70.6 ..NV € 35.74 1.07 42.98 28.81 3.15 21.68 10.9 Tullow 209.30 8.30 701.00 177.00 2.02 -1.94 4588.1 Photo-Me 153.00 -0.75 159.50 107.85 2.80 20.60 62.1 BrAmTobX♦ 3575 102.50 3894 3231.5 4.14 16.60 3350.9
PrudntlX♦ 1427.5 8.50 1761.5 1287 2.59 14.53 5362.2
BalfourB 257.10 2.30 272.50 145.59 2.18 -4.30 1431.0 Saga 202.20 -1.80 225.10 143.75 - 23.79 166.8 ImpTobX♦ 3352 80.00 3413 2482.72 3.82 16.78 2400.6
Health Care Equip & Services RSA Ins♦ 516.00 0.50 528.00 391.70 0.39 79.48 5507.6 Pharmaceuticals & Biotech
..CvPf 119.00 - 124.50 101.00 8.13 - 98.8 SignetJwl 8889 -88.00 9499 6371 0.58 27.25 8.8
Bioquell 141.50 - 155.50 80.00 2.33 141.22 22.6 SagicFin 54.00 - 68.00 53.00 4.71 5.21 1.0 BTG 662.50 - 835.87 556.00 - 73.60 862.7 Travel & Leisure
Boot(H) 227.75 -1.25 245.00 170.00 2.46 13.93 327.8 SuperGroup 1347 26.00 1579 750.00 - 24.14 112.0
ConstMed 930.50 -20.00 1041.3 650.00 1.95 61.62 17.8 StJmsPl♦ 889.50 5.50 1008 637.00 2.62 26.47 1080.7 CathayIn 18.75 -0.75 35.00 16.00 - -19.51 25.0 888 Hldg♦ 170.00 1.00 185.75 118.75 2.99 22.63 287.3
ClarkeT♦ 76.88 -2.13 84.01 37.50 4.03 - 57.7 TescoX 179.20 2.20 252.52 155.40 6.30 -2.55 22405.1
GNStre kr 115.50 0.30 158.50 113.70 0.76 27.21 949.3 Stan Life♦ 418.20 5.10 505.68 362.30 4.37 30.87 2940.8 Dechra 996.50 7.00 1068 702.50 1.58 45.32 51.8 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
Costain 367.00 2.25 404.88 263.50 2.59 15.52 71.6 VertuMotor 71.50 1.00 72.00 50.50 1.19 14.97 1366.2
CRH♦ 1908 -5.00 2478.5 1220 2.32 7.14 1518.2 UDGHlthC 495.70 4.50 551.50 315.20 1.48 14.02 420.0 Media Genus 1395 1.00 1535 1058.35 1.27 26.72 60.6 bwin.party♦ 104.20 -0.10 128.00 70.40 3.43 287.85 1852.0
GalfrdT 1708 -93.00 1824 1085 3.10 17.41 740.3 4imprint 1202 -1.00 1350 651.00 1.71 27.57 2.8 GlaxoSmhX♦ 1298 8.00 1645 1247.5 6.16 6.53 9673.7 Support Services Cineworld♦ 564.00 3.00 599.00 298.40 2.39 18.89 345.5
House, Leisure & Pers Goods HikmaPhm♦ 2438 18.00 2617 1580 0.57 31.56 392.3 CompassX 1018 10.00 1223.36 924.41 2.66 19.76 2672.7
Keller 941.50 1.50 1105 742.00 2.68 29.72 152.5 Blmsbury♦ 167.75 -1.50 185.00 140.50 3.49 14.10 12.2 Acal 279.75 -3.13 334.75 180.00 2.57 58.28 26.8
AGARmst 184.50 - 213.00 78.44 - -39.95 36.7 Oxfd Bio 8.25 -0.25 13.38 3.60 - -21.10 877.0 EntInns 114.60 -0.50 139.60 96.85 - 19.19 244.6
KierGp 1476 -33.00 1779 1260 3.90 38.18 123.0 Centaur♦ 80.00 - 87.09 56.20 3.25 11.85 6.7 Aggreko♦ 1034 -3.00 1724.15 991.00 2.62 13.69 509.5
BarrttDev 655.50 2.00 666.00 360.90 1.57 17.36 4622.4 RichterG $ 15.74 0.26 17.28 12.20 0.74 21.40 0.0 FirstGrp 103.70 2.00 129.90 88.65 - 16.65 1925.8
Kingsp €♦ 22.88 0.28 24.00 11.03 0.69 29.91 103.4 ChimeCm♦ 363.75 -0.25 366.00 239.00 2.31 127.99 602.1 APR Engy 99.25 -6.25 599.50 49.98 3.43 -0.17 156.1
Bellway 2558 -7.00 2619 1445 2.03 13.22 168.0 ShireX♦ 4793 26.00 5870 3448.28 0.30 14.51 1402.9 Fuller A 1098.5 -41.50 1235 900.00 1.43 21.79 15.6
LowBonr♦ 67.00 - 76.00 44.25 4.03 17.25 5.4 Creston 154.00 - 157.85 108.00 2.63 12.37 98.5 AshtdGp 1013 14.00 1231 838.00 1.21 15.45 1976.2
Berkeley♦ 3462 -11.00 3570 2033 5.20 11.06 389.1 VecturGp 178.00 2.30 187.50 113.25 - 198.00 213.7 Go-Ahead 2409 27.00 2745 2264 3.55 20.15 67.0
Marshlls 369.00 4.10 379.80 184.00 1.63 30.08 164.1 DlyMailA 766.50 -11.00 989.50 699.00 2.66 10.43 727.8 AtknsWS 1472 1.00 1580.34 1225 2.33 17.24 144.9
BovisHme 1059 -11.00 1206 723.00 3.31 12.99 332.4 GreeneKg 833.50 2.00 891.00 712.00 3.45 20.53 763.3
MorgSdl 722.00 -13.00 865.00 570.00 3.74 -21.12 25.9 HaynesPb 111.50 -2.50 192.00 110.00 6.73 12.87 3.0 Real Estate Babcock 953.00 7.00 1207 908.50 2.30 18.10 658.7
CrestNic 580.00 -1.50 598.50 291.98 2.47 12.98 249.1 IrishCtl € 4.39 0.02 4.70 2.63 2.33 12.37 107.1
Norcros 20.00 0.25 22.76 14.69 2.63 15.38 1022.6 ITE Grp 143.50 -1.50 207.40 125.00 5.16 11.47 221.1 Berendsen♦ 1024 7.00 1161 895.50 2.93 20.11 240.0
GamesWk 588.00 -9.00 624.50 487.25 8.84 15.36 3.3 Harworth Gr 12.50 0.25 14.00 5.35 - 3.02 82.6 Ladbrokes 99.50 3.75 147.00 93.50 8.94 -38.09 3101.1
StGobn €X 41.72 0.64 44.84 29.51 1.45 28.76 1559.6 ITV 249.60 2.40 281.90 192.10 1.88 19.07 7647.1 Brammer 300.00 -1.25 420.50 265.00 3.57 41.87 160.6
Gleeson 436.00 1.00 465.00 324.66 1.38 13.63 3.6 REITs MandarO $♦ 1.51 - 1.84 1.44 4.50 19.32 15.7
Tyman 296.75 1.50 342.00 228.25 2.70 43.04 151.1 JohnstnP 95.50 0.50 7830 93.00 - -199.37 69.1 Bunzl 1768 21.00 1969 1517 2.01 25.90 426.5
Headlam 502.00 5.00 512.00 390.00 3.49 16.69 38.3 Assura 57.50 - 62.25 43.50 3.22 12.23 545.3 Marstons 154.40 2.30 174.40 134.50 4.34 -32.69 642.6
News Corp A $♦ 13.04 0.11 17.55 12.67 - -51.54 3953.2 Capita 1211 9.00 1336 1000.5 2.41 32.83 752.8
Electronic & Electrical Equip McBride 151.00 0.25 154.00 74.00 - -16.18 1271.8 BigYellw 679.00 3.00 720.00 479.40 2.77 9.45 94.0 Carillion♦ 315.30 2.70 371.40 294.03 5.63 25.20 984.8 Natl Exp♦ 293.70 5.50 324.80 213.40 3.51 18.20 740.1
Persimn 2081 -4.00 2156 1247.08 - 14.45 754.9 NewsCpB $♦ 13.00 0.02 17.11 12.62 - -51.38 1358.6
Dialight 640.00 1.50 940.00 398.00 2.34 34.25 184.4 BritLand 806.00 4.00 891.50 649.00 3.41 5.09 2949.3 Comnsis♦ 49.00 - 63.00 44.65 4.08 -6.73 100.0 PPHE Htl♦ 675.00 - 685.00 420.58 2.62 10.29 0.4
Philips € 22.52 0.15 28.00 20.69 - 93.43 3611.1 Pearson 1141 1.00 1517.42 1010 4.47 48.87 1955.9
e2v Tech 234.75 -3.75 268.00 145.44 1.92 21.67 25.3 Cap&Reg 67.00 - 70.05 46.25 1.42 4.08 250.8 ConnectGp 155.00 - 191.45 128.02 6.06 12.15 71.9 Rank Gp♦ 270.40 5.60 273.00 151.90 1.66 22.38 123.0
PZCusns♦ 295.20 3.10 392.10 283.00 2.66 23.73 223.9 Quarto 202.50 - 239.00 138.25 4.09 7.87 3.6
Halma 748.50 6.50 786.50 557.50 1.53 27.24 394.9 Countrywd♦ 498.80 0.10 608.00 404.30 3.01 24.84 165.4 DCC 4800 8.00 5320 3050 1.66 31.56 125.3 Restaurt♦ 675.00 10.00 748.70 607.00 2.28 24.11 323.7
ReckittBX♦ 5855 166.00 6300 4895 2.37 24.88 1163.0 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
MorganAd 320.00 2.40 375.84 258.10 3.41 55.36 195.6 DrwntLdn 3587 10.00 3818 2615 1.11 4.97 229.6 DeLaRue 483.75 11.25 774.50 445.03 7.55 14.46 115.0 Sportech 63.00 -1.50 77.25 47.00 - -1.50 4.1
Redrow 485.80 -4.90 504.50 248.64 0.82 10.95 382.9 RELX PLCX 1070 13.00 1199 921.50 2.33 100.69 2708.2
OxfordIn 570.00 23.50 1114 531.00 2.24 -51.66 260.1 Gt Portld 831.00 -1.50 883.50 600.04 1.07 5.64 524.3 Diploma 636.00 -12.00 916.50 627.00 2.67 19.42 1133.7 Stagech♦ 346.70 1.50 437.90 331.60 2.83 14.36 947.5
TaylorWm♦ 200.10 1.00 207.40 104.60 0.78 15.75 11514.5 STV Grp♦ 440.00 -3.63 494.00 322.00 1.82 13.44 224.9
Renishaw 2029 20.00 2672.9 1520 2.09 12.11 87.8 Green Reit € 1.49 0.02 1.70 1.21 - - 358.4 Elctrcmp 187.70 0.40 263.10 170.50 6.26 11.77 444.2 ThomasCook 118.40 1.70 162.20 99.05 - -30.56 4760.1
TedBaker 2985 -10.00 3438 1803 1.19 36.84 10.7 ThmReut C$X 53.09 0.35 54.47 39.45 3.26 16.75 828.1
Spectris 1777 26.00 2420 1606 2.62 16.46 157.1 Hammersn♦ 612.00 3.00 708.00 537.00 3.33 7.07 1663.7 EnergyAst 526.00 -2.00 640.00 375.00 - 19.77 1.7 TUI 1231 30.00 1294.78 996.74 - 68.82 864.5
UTV Med♦ 172.50 1.50 222.00 137.00 4.20 30.84 97.1
TT Elect 146.25 2.75 164.00 96.00 3.76 -74.88 454.6 Industrial Engineering Hansteen 115.30 -0.60 128.95 98.70 4.34 5.69 853.5 Essentra 828.00 5.00 1069 624.50 2.21 29.63 445.0 Whitbrd 4651 46.00 5475 3767 1.55 22.93 540.7
WPPX 1363 15.00 1616 1091 2.80 14.09 2160.8
XP Power♦ 1575 -12.50 1750 1340 3.94 15.65 0.5 HIBERNIA 1.33 0.00 1.39 1.03 - - 1386.2 Experian 1070 17.00 1264 909.95 2.42 20.90 1973.4 Willim H 353.20 1.90 432.10 333.40 3.45 17.64 1409.9
Bodycote 627.50 5.00 797.59 542.50 2.29 20.08 395.8
Mining Highcrft 1010 - 1090 795.00 3.56 18.51 0.6 Grafton♦ 699.00 1.50 868.00 570.00 1.54 18.11 300.9
Financial General Castings 419.00 -0.13 470.00 360.00 3.11 13.18 9.3
INTU 318.10 3.10 376.50 305.50 4.31 16.63 1607.6 Utilities
Fenner 170.00 - 363.50 156.00 7.06 825.24 300.9 Acacia♦ 249.50 5.00 318.90 191.70 1.07 24.96 630.9 HarvyNah 97.75 - 107.00 66.32 3.41 13.57 0.2
3i 478.70 2.30 571.50 343.61 3.34 6.56 1084.1 LandSecs♦ 1220 15.00 1363 988.50 2.59 4.00 1807.6 Centrica 234.90 5.60 324.76 223.65 5.75 -23.63 15324.7
Goodwin♦ 2185.5 60.00 3672.3 2063.5 1.94 12.65 0.4 AngloAmer♦ 749.30 14.10 1519 649.30 7.28 -2.17 7605.2 Hays 157.30 0.40 173.70 108.15 1.67 23.38 3172.8
AberAsM 334.50 14.20 509.64 291.90 5.38 14.74 6736.8 LondonMtrc 160.50 -4.30 173.20 132.30 4.36 6.29 1489.5 DeeVally 1407.5 - 1450 1135 4.44 18.68 0.3
Hill&Sm 703.00 -1.50 734.00 520.00 2.56 27.29 401.1 AngloPacif 82.00 -2.50 161.75 74.75 10.30 -3.29 110.0 Homesve 414.40 2.10 447.84 312.10 2.94 22.90 144.2
Ashmore 268.40 7.30 335.00 240.90 6.13 12.84 1557.6 McKaySec 259.00 - 275.00 215.00 3.32 7.30 24.2 Drax 273.70 6.50 651.50 246.00 4.35 6.41 2090.8
IMI♦ 1080 30.00 1454.55 965.50 3.48 16.69 675.7 AnGoldA R 105.00 1.48 152.32 71.59 - -170.28 1321.4 HowdenJny 483.80 -0.20 532.00 309.00 1.74 20.60 1128.1
BrewDlph 278.70 -0.20 361.00 236.80 3.55 42.36 255.5 MucklGp 454.50 5.75 510.00 421.00 4.45 5.29 135.3 Natl GridX 852.20 6.80 965.00 806.40 4.96 15.97 7429.6
MelroseInd 274.40 7.40 314.78 242.70 3.03 42.94 3031.5 Antofagasta 604.50 -1.00 811.50 519.50 2.26 39.27 3350.7 Intserve 602.00 1.00 878.50 487.20 3.82 16.36 99.2
Canaccord 272.50 - 658.80 265.05 3.74 -14.97 0.0 PrimyHth 429.25 2.25 431.25 324.00 4.60 12.03 79.2 Pennon♦ 732.00 6.00 925.00 711.90 4.10 23.38 782.0
Renold 70.50 - 86.00 49.00 - 28.59 13.5 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intertek 2507 -7.00 2797 2141 1.96 21.28 266.2
CtyLonInv 327.00 -4.00 380.37 251.25 7.34 12.56 9.2 Redefine 53.80 0.20 59.90 48.00 5.95 5.32 638.9 UtdUtils 881.00 14.00 1045 784.00 4.15 22.19 1845.6
AquarsPl 8.30 - 24.13 5.53 - -3.53 1293.1

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 409.75 -11.25 500.00 351.00 6.47 16.13 6.0 Insurance Enegi Oil 0.50 -0.03 3.94 0.50 - -0.19 121.8 NewRiver 343.00 - 350.00 271.00 2.48 18.55 415.1 Tech - Hardware
Cohort♦ 375.00 5.00 390.00 197.50 1.17 27.30 15.0 Share 30.75 0.25 41.68 26.75 2.02 327.13 187.0 Gable 22.50 0.75 75.13 16.75 - -3.27 198.5 EuropaOil 4.13 - 10.75 4.00 - -5.86 473.1 Palace Cap 387.50 - 405.00 295.00 2.19 4.84 1.7 AminoTech♦ 159.00 -0.50 171.00 75.24 3.14 14.16 13.0
ShoreCap 407.50 - 431.50 400.00 2.21 19.60 0.2 Helios 187.50 -5.00 200.00 120.00 0.80 15.33 20.0 FalkldO&G 25.25 -1.00 45.00 16.75 - -54.42 1397.3 PnthrSec 377.50 5.00 383.00 300.00 3.18 16.67 1.3 IQE 25.75 1.25 26.50 12.08 - 106.85 3222.3
Banks STM Group 60.75 1.50 65.00 16.50 - 32.70 25.2 GETECH 53.00 -0.75 65.00 32.00 4.15 8.03 5.6 PSPI 34.50 2.00 35.00 23.50 - -7.19 70.6
BCB Hldgs 7.00 -0.50 13.50 5.00 - -1.19 21.3 WH Ireland 109.50 1.00 130.00 79.00 1.83 42.13 11.0 Media Infrastrata 1.63 0.13 8.80 1.32 - -1.42 2763.8 SiriusRE € 0.51 - 0.53 0.28 2.07 11.08 25.7 Tech - Software & Services
STB♦ 2920.5 -1.00 3024 2270 2.33 21.22 0.2 Avesco♦ 207.00 0.50 233.00 95.00 2.90 14.42 7.2 Iofina 17.00 - 57.90 13.62 - -5.08 150.5 SumGermny € 0.89 -0.02 0.99 0.50 3.43 15.13 1.6 Blinkx 24.25 -0.25 42.25 14.75 - -6.94 1073.5
Food & Beverages Cello Gp 85.50 -7.50 106.70 81.00 3.04 79.83 265.2 Ithaca Engy 33.75 1.75 134.75 26.25 - -6.30 687.4 TaliesinPr 2325 - 2545 1750 - 8.42 0.5 BondInt 123.50 - 148.25 83.00 1.78 23.91 2.5
Basic Resource (Ex Mining) FinsbryFd 106.00 - 110.00 56.00 0.94 14.21 74.2 M&Csaatc 333.00 -3.50 395.00 260.25 1.88 -45.59 13.5 Brady 90.50 - 110.13 64.00 2.04 -71.09 82.6
KBC Adv 112.00 1.00 130.31 77.00 0.89 20.24 65.4 Winkworth 147.50 - 180.00 115.00 4.27 13.38 0.2
CropperJ 515.00 - 570.00 355.00 1.53 25.60 1.0 Nichols 1455 -33.00 1496.81 834.56 1.54 25.20 12.1 MissionMk 44.75 0.75 50.95 37.00 2.23 8.85 17.5 Datatec 360.00 5.00 370.00 261.25 3.06 15.08 0.7
Max# 0.16 - 1.35 0.08 - -0.08 634.1
PureCircle 397.50 - 635.00 352.24 - 309.58 13.5 Next15Cm 178.50 - 198.00 117.00 1.55 115.46 0.6 Retailers DDD 2.75 - 5.00 1.25 - -2.84 90.6
Chemicals PetrelRes 2.50 - 7.19 2.00 - -1.09 282.0
RealGdFd 52.50 -1.00 59.40 23.00 - 61.76 64.1 YouGov 115.50 -1.00 133.00 98.50 0.69 207.73 870.9 Petroceltic 63.25 -1.63 224.00 42.75 - -0.69 78.4 ASOS 2580 53.00 4259 1742 - 59.31 1253.5 Eckoh 41.00 - 48.00 33.00 0.76 48.46 12.1
Scapa 189.00 -1.75 225.25 120.00 0.53 30.46 205.9
Wynnstay 562.50 -2.50 607.25 474.52 1.81 15.85 4.6 PetroNeft 4.58 -0.13 6.65 3.60 - -5.63 968.7 Koovs 68.50 - 171.00 60.00 - - 0.0 EgSoltns 67.00 1.00 84.00 62.00 - 19.02 2.0
Construction & Materials Mining Majestic 390.75 -4.50 480.00 280.00 4.09 19.19 285.5 Iomart 262.50 -1.50 278.75 159.93 0.67 31.85 85.5
Health Care Equip & Services Plexus 205.00 -5.00 267.00 165.00 0.54 33.00 8.5
Abbey 1032.5 5.00 1069.15 800.00 0.78 7.69 0.1 AMC 13.75 - 44.58 3.30 - -68.07 1646.3 StanlGib 182.50 -1.00 322.00 179.15 3.97 45.90 231.4 K3BusTc 293.50 8.50 296.00 205.00 0.43 32.57 64.4
Advnc Med 151.50 -3.25 161.00 111.00 0.46 23.65 286.5 PresidentEn 10.20 0.33 39.48 9.00 - 4.54 441.4
AccsysTch 71.50 - 81.50 56.00 - -7.04 18.2 BotswanaD 0.90 - 4.15 0.72 - -1.93 169.1 OMG 41.75 - 49.00 26.00 1.20 120.32 2.8
AVO 6.88 -0.25 16.90 3.60 - -9.17 2350.0 Rockhop 44.00 0.75 91.00 40.00 - -8.60 2419.5 Support Services
Aukett 6.13 - 9.50 5.50 3.43 8.04 49.2 CentAsiaM 165.25 0.25 198.00 135.16 7.50 17.00 60.5 Progility 2.75 - 9.75 2.25 - 2.91 0.0
CareTech 249.00 - 262.15 190.00 3.21 11.74 11.8 Sound Oil 14.88 -0.25 26.73 8.75 - -10.88 1175.0 AndSyks 327.50 -12.50 385.00 260.00 7.27 14.86 2.0
Connema 1.63 - 3.00 0.25 - -4.62 5.7 Pub Tech 147.00 - 240.00 120.00 - -4.53 1.4
TowerRes 0.17 - 0.88 0.09 - -0.16 55570.9
Electronic & Electrical Equip ImmunDiag 307.50 0.50 386.50 264.40 2.76 38.48 391.8 C'royG&NR 0.65 - 1.60 0.50 - -7.07 329.7 Augean 56.50 -0.25 62.00 37.65 0.62 12.53 3.4
SciSys 69.00 - 96.75 38.50 2.17 9.50 10.0
SphereMed 14.75 0.50 31.00 12.00 - -1.66 19.7 TrinityE 6.30 -0.36 90.00 2.92 - -0.07 666.0 Begbies 42.38 -0.38 54.76 38.50 5.35 16.57 4.2
CeresPow 8.20 -0.35 10.75 6.50 - -5.96 24.6 GrekaDrill 5.58 0.01 16.80 5.32 - -6.01 108.1 WANdisco 181.00 - 545.00 166.00 - -1.77 0.8
Tristel 98.50 -3.00 107.99 65.00 1.64 24.55 71.5 UnJackOil 0.17 - 0.48 0.14 - -4.13 3291.2 Christie 138.50 4.00 162.00 115.00 1.62 12.09 5.8
Densitrn 8.50 - 9.75 3.50 - 293.10 10.0 Herencia 0.10 - 0.49 0.08 - -1.22 3615.6
VictorOil 49.50 2.50 89.05 1.21 - -1.43 224.9
ElektronT 6.88 0.13 8.70 4.00 - 10.39 120.5 House, Leisure & Pers Goods HighldGld 53.75 - 62.61 17.73 9.86 -10.93 388.2 Empres 79.50 1.50 91.50 38.13 0.88 9.59 96.7 Telecommunications
VolgaGas 55.50 - 121.00 52.00 4.33 5.46 2.0 Hargreaves 389.75 8.25 710.00 280.00 6.54 4.14 67.1
FlowGp 10.75 - 50.00 10.30 - -2.73 275.7 KarelianDd 0.90 - 2.08 0.80 - -12.86 742.1 AltNetwks 516.50 0.50 545.00 415.00 2.81 27.88 2.5
Airea 22.00 - 23.00 10.25 2.73 14.34 15.0 Hydrogen 44.50 - 90.25 38.33 10.34 -13.12 11.6
LPA♦ 66.00 - 112.00 58.00 2.35 58.30 2.7
Churchll♦ 625.00 - 635.00 502.00 2.58 19.39 2.6
OracleC 1.45 0.03 2.00 0.25 - -7.04 65.0 Pharmaceuticals & Biotech AvantiCom 213.50 -3.75 325.00 170.25 - -3.81 224.6
ThorpeFW 184.00 - 196.00 120.00 1.77 20.36 22.3 RamblMtls 7.50 - 27.40 7.00 - -26.13 40.0 Abcam 603.50 5.00 614.50 355.25 1.28 34.35 539.0 Impellam 802.50 2.50 859.60 455.00 0.78 13.11 0.8 Peoples Op 126.00 1.00 147.60 120.00 - -55.63 2.0
gamingrealm 24.00 0.38 41.00 20.00 - -5.13 50.5 ISG 214.00 -1.00 356.00 140.00 4.42 -7.81 42.7
Zytronic 303.50 1.00 319.00 228.00 3.30 14.84 17.2 ShantaGold 4.13 - 12.50 4.00 - -8.51 80.6 AllcePharm 53.00 - 63.00 31.65 1.89 16.98 134.5
Mulberry 899.00 -1.25 969.00 562.50 0.56 -383.04 2.6
SierraRut 20.13 -0.50 38.00 17.00 - -17.33 28.6 JhnsnSrv 87.50 -1.75 95.41 56.00 1.94 59.69 1104.1 Travel & Leisure
Epistem 185.00 -2.50 339.00 170.00 - -6.18 2.8
Financial General Portmern♦ 920.00 12.50 960.00 840.00 2.88 15.06 1.2
Sirius Min 17.75 - 29.50 6.40 - -35.29 3558.8 JourneyGp 175.50 8.50 181.95 113.00 1.64 15.21 67.8 CastleStIn 29.25 - 41.25 17.00 - 5.22 21.4
TelfordHms 406.75 4.75 495.00 320.00 2.51 12.48 122.5 e-Thera 32.25 - 49.40 24.25 - -10.95 0.6
Ambrian 5.50 -0.50 12.05 5.13 - 16.67 135.3 SolGold 1.78 - 6.35 1.68 - -3.37 364.2 LonSec 2100 - 2400 1800 2.95 21.95 1.3 Celtic 73.50 - 79.00 70.75 - -19.13 2.3
WalkerGb 220.50 - 244.85 151.05 0.87 26.65 12.9 GW Phrms 602.50 -15.00 708.55 299.11 - -39.56 432.3
Arbuthnot♦ 1450 -15.00 1650 1000.00 1.86 19.91 0.6 Stratex 2.15 -0.03 3.00 1.00 - -4.45 1548.6 Matchtech 530.50 -19.50 587.80 495.00 3.77 16.54 11.0 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 1.0
HtchChMd 1825 - 2020 1040 - 1629.46 1.5
Aurora 9.38 - 12.88 8.00 - -0.96 7.9 Industrial Engineering Xtract Res 0.25 -0.01 0.49 0.06 - -2.72 53834.2 NewmkSec 3.40 - 4.93 1.66 2.21 7.23 15.8 ..Cv Pf 135.00 - 150.00 120.00 - - 1.2
ImmuPhar 40.50 0.75 67.00 37.00 - -11.79 243.0
BP Marsh 146.00 - 156.75 121.00 1.88 8.64 15.1 ZincOx 10.75 - 18.00 6.00 - -0.79 41.4 NWF 161.50 -1.50 170.08 120.00 3.16 12.68 68.0 Dalata 320.00 - 330.00 111.15 - 172.51 0.2
600 Grp 17.00 - 20.57 14.60 - 6.60 3.7 ReNeuron 4.88 - 6.50 2.80 - -9.79 1817.4
BrooksMac 1860 28.50 1900 1300 1.40 29.70 1.3 Optimal Pay 319.00 13.75 575.00 215.00 - 48.79 4964.3 Dart♦ 482.25 5.50 505.00 200.00 0.60 21.72 359.5
Molins 77.50 0.50 140.00 68.01 7.10 -18.90 9.8 Sareum 0.25 -0.02 0.68 0.19 - -4.22 12212.5
Camellia♦ 9629 - 10000 8450 1.31 326.73 0.1 Oil & Gas PennaCns 217.50 - 230.00 116.00 1.61 14.41 18.0 GoalsSocc 161.50 - 242.00 149.55 1.24 11.32 28.3
MS Intl 173.50 2.00 197.68 116.00 4.61 21.16 0.7 SinclairIS 34.75 -0.25 48.00 23.30 - -13.32 149.2
CaptlMgt 113.50 - 160.00 103.00 - -1.45 0.0 AlkneEng 35.25 10.25 40.35 19.50 0.85 -22.10 12101.5 Petards 12.75 -0.38 15.08 9.75 - 10.14 56.1 MinoanGp 7.63 - 15.73 6.55 - -12.08 37.3
Pres Tech 192.00 - 750.00 180.00 4.38 11.64 2.3 Vernalis 84.25 -1.75 88.29 44.00 - -126.69 24.8
Fairpoint 179.00 1.00 185.00 105.66 3.58 25.75 125.3 AmeriRes 25.25 1.25 61.30 19.10 - 15.45 2191.9 RedhallGp 6.05 -0.08 16.50 5.56 - -0.25 599.2 PeelHtls 104.00 - 110.00 75.00 - 19.84 1.0
TP Group 3.75 - 6.75 3.00 - -3.55 1669.4
Leeds 34.75 0.75 43.79 30.00 - 9.10 3.1 AndesEnrg 24.00 -0.63 46.23 16.50 - -17.71 110.9 Real Estate Renew 331.50 -4.50 348.00 237.00 1.51 19.21 16.3
MattioliWds 625.00 - 630.00 414.00 1.46 27.99 2.7 Industrial General BahamasP 1.73 0.03 4.70 1.50 - -7.37 1340.7
Utilities
Conygar 170.50 - 195.00 160.00 1.03 8.65 25.1 Restore 269.50 2.50 289.00 211.00 0.89 49.21 235.8
Miton 25.75 - 38.00 18.50 2.10 -7.88 83.4 BorSthnPet 3.25 -0.25 12.85 2.07 - -6.31 232.6 ModernWtr 9.63 -0.25 28.85 9.00 - -0.44 27.8
Powerflte 86.38 -0.63 90.00 35.00 1.23 27.81 181.1 FltchKng♦ 49.50 -1.00 65.00 38.00 6.06 6.89 13.2 SafeCharge 274.75 -2.25 297.00 224.00 1.94 29.93 419.2
MAB 278.75 -1.25 309.26 160.00 - 29.07 100.0 Circle Oil 4.88 - 24.00 4.63 - -0.80 49.7 RenEnGen 45.50 - 68.00 44.50 4.84 -31.80 8.7
RM2 62.50 - 74.75 46.00 - -6.56 381.6 InlandHms 70.88 1.00 74.00 45.00 0.85 22.41 300.8 Servoca 22.50 - 26.03 11.00 - 16.74 17.5
Numis 241.50 -1.00 280.00 196.09 4.35 18.34 24.5 ClontarfEn 0.28 -0.03 1.40 0.20 - -2.99 260.4 Rurelec 1.75 - 6.48 1.32 - -3.33 50.0
Symphny 7.25 0.13 11.22 6.50 - -30.98 100.0 Lok'nStor 292.50 2.50 300.30 199.17 2.39 124.31 14.4 Utilityws 196.50 -7.00 311.05 142.00 2.04 13.70 884.8
Park Grp♦ 77.25 1.50 77.50 47.00 3.30 16.79 5.3 Egdon Res 10.00 -0.38 22.70 6.24 - -6.41 292.7 SeaEnergy 5.75 -1.63 35.00 5.50 - -0.61 1363.1
LXB Retail 85.00 1.25 149.00 77.00 - - 187.4

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 104.25 - 107.89 102.00 - - - JPMGIConv 93.25 - 111.75 90.00 6.03 99.1 -5.9 ScotAmer♦ 246.75 2.00 276.50 221.99 4.28 237.2 4.0 Albion Ent 90.50 - 91.75 85.00 5.52 99.6 -9.1 Marwyn Val 219.75 5.75 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 696.00 4.00 706.00 565.20 3.39 683.2 1.9 JPM GEI♦ 92.25 1.75 126.00 86.11 5.31 95.9 -3.8 Scottish In 585.00 1.50 670.00 536.00 2.05 657.8 -11.1 AlbionTech 76.00 - 78.49 71.25 6.58 79.7 -4.6 TerraCat 106.00 - 112.00 90.00 - - -
3i Infra 167.20 - 189.56 151.00 4.47 - - Edin WWd 440.25 1.00 502.44 332.25 0.45 468.7 -6.1 JPM I&C Uni 358.50 - 370.00 330.06 - 357.8 0.2 ScottMort 248.60 -1.30 283.40 204.00 1.17 244.0 1.9 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 163.25 2.50 212.23 142.50 5.02 166.6 -2.0 EP Global 225.00 0.50 262.10 207.04 1.47 226.8 -0.8 JPM Inc&Gr♦ 105.00 - 115.85 98.50 2.10 110.9 -5.3 ScottOrtll 709.25 15.75 900.00 660.00 1.62 812.3 -12.7 ArtemisVCT 63.50 - 70.52 59.23 6.30 71.2 -10.8 ISDX
AbnAsian 719.00 12.50 1014 653.77 1.39 820.3 -12.3 Estabmt 153.50 -2.00 188.00 138.00 3.06 199.4 -23.0 JPM Ind 488.75 5.88 605.50 430.00 - 543.5 -10.1 SecTstScot♦ 129.25 1.38 148.00 123.00 3.71 134.8 -4.1 Baronsmd♦ 72.88 - 75.60 69.50 4.80 76.5 -4.7
Euro Ast 1067.5 -7.50 1160 800.00 4.90 1048.7 1.8 JPM JpSm 235.50 1.00 261.75 184.00 - 259.0 -9.1 Seneca I&G♦ 141.75 - 150.00 131.00 3.95 144.1 -1.6 ..VCT 2♦ 95.38 - 99.00 91.00 4.72 99.7 -4.3 52 Week Vol
AbnJapInv 467.00 1.50 571.00 357.50 0.96 467.3 -0.1
EuroInvT 743.25 3.00 849.00 659.33 1.88 782.4 -5.0 JPM Jap 263.50 3.75 307.95 195.00 1.06 283.2 -7.0 Shires Inc 228.88 1.50 261.00 214.00 5.24 240.0 -4.6 ..VCT 3♦ 100.13 - 101.50 94.00 7.49 104.6 -4.3 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 48.63 -0.25 81.69 44.25 8.74 53.2 -8.6
F&C Cp&I♦ 259.50 0.50 277.00 231.75 3.82 257.1 0.9 JPM Mid 990.50 2.50 998.10 669.10 1.82 1028.6 -3.7 StdLf Eqt♦ 457.00 6.25 471.46 362.50 3.06 450.7 1.4 ..VCT 4♦ 92.63 - 95.19 86.75 3.24 97.0 -4.5 ArsenalFC 1567000 - 1600000 1400000 - 67.14 0.0
..Sub 0.20 - 2.63 0.10 - - -
F&CGblSmlr 967.00 -0.50 1028.92 781.00 0.84 948.1 2.0 JPM O'seas 1002.5 4.50 1159 890.95 1.50 1082.6 -7.4 StdLf Sml 337.00 4.25 340.00 256.00 1.37 359.1 -6.2 ..VCT 5♦ 76.63 - 78.88 72.00 5.22 80.6 -4.9 ShephdNm 1170 - 1260 1000.00 2.21 25.96 0.8
AbnNewDn 151.25 -0.75 205.23 136.00 2.38 169.7 -10.9
F&CMgdG 150.25 1.00 158.00 130.00 - 147.4 1.9 JPMRussian 303.25 3.50 435.00 223.25 4.29 354.6 -14.5 StrategicEq 227.00 - 241.50 156.25 0.34 216.1 5.0 BSC VCT 88.00 - 91.00 82.00 6.25 97.0 -9.3 Thwaites 108.50 - 132.00 102.00 4.11 9.77 0.0
AbnNewThai 356.50 -1.50 489.88 324.00 2.24 427.2 -16.5
AbnSmlCo 218.50 -1.00 229.00 174.00 2.97 249.6 -12.5 F&CMgdI 120.00 2.25 130.00 110.00 4.13 116.3 3.2 JPMSnrSec 89.50 - 101.00 88.54 - 94.1 -4.9 Temp Bar♦ 1070 7.00 1252 1040 4.37 1112.1 -3.8 ..VCT2♦ 55.00 - 59.00 51.98 8.18 60.5 -9.1
Abn UK 296.50 1.00 334.75 281.83 3.44 312.7 -5.2 FidAsian 216.50 2.75 285.50 195.50 0.51 244.6 -11.5 JPM Smlr 888.00 2.00 893.35 527.00 1.08 1034.5 -14.2 TempEmerg 419.00 6.00 607.78 370.00 1.73 471.7 -11.2 Crown Place 29.00 - 30.50 27.75 8.62 28.2 2.8
Abf Gd Inc 205.75 - 212.00 138.25 3.57 219.3 -6.2 FidChiSpS 119.70 4.20 179.78 105.06 0.96 144.3 -17.0 JPM US Sml 174.50 -1.00 193.75 135.77 - 180.5 -3.3 TRIG♦ 101.25 1.25 109.00 99.00 6.00 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.8 -4.9 Guide to FT Share Service
Abf Sml 1191 -9.00 1235 966.00 2.08 1280.7 -7.0 Fid Euro 169.20 -0.30 187.50 137.40 1.83 176.0 -3.9 JupUSSmCo 610.00 -4.25 704.03 574.28 - 685.2 -11.0 ThreadUKSel♦ 163.75 1.75 180.00 158.00 2.66 184.9 -11.4 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.5 -9.7
AcenciADbt $♦ 1.58 0.00 114.00 1.51 3.94 1.7 -7.1 Fid Jap 78.25 0.50 88.25 64.00 - 86.8 -9.9 KeystoneInv 1808 8.50 1900 1651.76 2.79 1889.8 -4.3 TREurGth 601.00 1.00 661.00 438.00 1.08 664.8 -9.6 KingsAYVCT 18.50 0.50 19.50 17.25 5.41 19.9 -7.0
AdvDvpMk 384.00 3.88 483.00 350.00 - 434.5 -11.6 Fid Spec 201.50 3.50 217.00 159.37 1.64 - - Law Deb 501.00 6.50 545.50 452.50 3.13 466.3 7.4 TroyInc&G 69.25 -0.13 74.71 60.00 3.29 69.1 0.2 Maven I&G 69.50 -1.00 75.00 59.50 6.47 65.0 6.9
Alliance♦ 468.00 3.00 531.50 420.20 2.12 532.7 -12.1 FinsG&I 566.50 6.50 609.36 464.25 2.07 561.8 0.8 LinTrain £ 504.50 - 537.00 365.00 1.34 406.5 24.1 UtilicoEmg 168.75 2.25 206.09 142.94 3.61 181.1 -6.8 MavenVCT2 53.00 -0.50 56.75 49.00 7.26 63.1 -16.0 For queries about the London Share Service pages e-mail
AllianzTech 580.25 -1.25 640.43 463.07 - 599.1 -3.1 FstPacfic H HK$♦ 4.78 - 8.95 4.67 4.37 - - Ln&StLaw♦ 355.38 -1.00 384.00 330.80 3.88 363.0 -2.1 UtilicoInv 112.00 1.00 127.00 103.00 6.70 155.5 -28.0 MavenVCT3 73.75 - 79.00 70.00 2.71 89.2 -17.3 ft.reader.enquiries@morningstar.com.
AltAstsOps 39.50 1.00 47.00 37.25 - 44.3 -10.8 For & Col 429.30 5.10 467.90 365.00 2.19 457.8 -6.2 Lowland 1367 1.00 1440 1219 2.78 1375.1 -0.6 ValAndInc 235.00 - 274.00 228.50 3.70 293.8 -20.0 MavenVCT4♦ 84.00 - 88.39 80.00 5.95 96.2 -12.7 All data is as of close of the previous business day. Company classifications
Art Alpha 264.00 0.75 306.50 249.50 1.23 324.9 -18.7 Geiger 13.63 - 26.50 11.50 - 16.1 -15.3 M&GHighInc 154.00 - 179.95 146.00 2.99 166.6 -7.6 Witan 748.00 2.00 850.00 642.00 2.09 751.6 -0.5 MavenVCT5 35.75 - 36.43 32.00 2.80 41.8 -14.5 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 - 42.50 18.00 6.32 - - GenEmer 451.00 12.00 583.00 391.70 - 506.0 -10.9 Majedie 256.00 0.50 283.00 206.41 2.93 256.0 0.0 WitanPac 226.38 -0.13 274.75 203.03 1.99 253.2 -10.6 Nthn 2 VCT 69.25 - 88.00 67.25 2.89 74.4 -6.9 100 constituent stocks are shown in bold.
AsianToRt 183.75 -0.75 224.00 163.25 1.77 200.1 -8.2 GFIS 16.50 - 26.01 15.00 - 43.8 -62.3 Man&Lon 232.88 -2.88 260.49 219.00 3.21 283.2 -17.8 WorldTst♦ 241.50 0.50 285.25 212.00 0.22 274.3 -12.0 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.7 -6.0 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.00 - 166.58 144.00 2.52 167.8 -10.0 GRIT 8.50 - 35.00 7.00 - - - MCGlobPort 169.50 0.25 195.00 155.00 2.36 170.3 -0.5 WwideHlth 1884 15.00 2108.5 1355 0.74 1881.5 0.1 NthnVent 76.00 - 85.36 74.50 7.89 80.0 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 418.00 - 493.25 316.50 - 395.1 5.8 GoldenPros 19.50 - 37.35 18.00 - 22.0 -11.4 MCurPac 251.50 -0.50 336.00 236.73 2.98 291.2 -13.6 ProVenGI 79.00 - 81.25 76.00 5.06 87.4 -9.6 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 379.50 5.25 424.00 282.50 - 358.1 6.0 Hansa 812.25 -1.25 988.00 795.00 2.34 1108.8 -26.7 MercantIT 1698 -1.00 1762.96 1316.55 2.36 1908.9 -11.0 ProVenVCT 94.38 - 97.89 89.50 4.77 105.2 -10.3 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.25 - 39.50 18.00 - 40.3 -47.3 ..A 805.00 - 938.70 795.00 - 1108.8 -27.4 MrchTst 436.00 6.00 501.33 413.00 5.44 452.6 -3.7 UnicornAIM 137.00 - 136.75 122.00 4.38 154.2 -11.2 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 220.88 0.25 254.00 215.00 1.36 279.5 -21.0 Mid Wynd 319.50 0.50 352.50 260.07 1.21 316.8 0.9 AbnPvtEq♦ 86.00 - 96.00 81.04 2.60 121.6 -29.3
Bankers 589.50 -0.50 674.50 506.00 2.56 607.4 -2.9 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div♦ 89.38 0.13 95.50 87.50 5.71 87.4 2.3 MitonUKMic 55.00 - 56.25 50.00 - - - Altamir € 10.33 -0.02 11.82 9.43 4.71 16.2 -36.2
BrngEmEu 488.00 21.38 654.00 432.00 3.89 547.2 -10.8 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1027 -16.00 1148.5 816.47 2.28 1010.1 1.7 MitonWw 158.13 -0.13 164.65 149.00 - 172.4 -8.3 Dun Ent 323.88 - 405.00 305.00 1.45 507.4 -36.2
BH Global 1299 3.00 1343.6 1185 - 1362.0 -4.6 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 875.00 5.00 957.00 678.25 2.00 855.4 2.3 MMP 3.25 - 5.00 3.00 - - - Electra 3221 21.00 3349.01 2338 - 3686.5 -12.6 JPM I&C 91.00 - 106.00 86.00 7.14 -15.1 -3.7
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs 272.25 -0.50 362.00 238.25 6.80 274.5 -0.8 Monks 390.00 - 458.90 348.40 1.01 442.4 -11.8 ElectraPrf 151.25 - 152.05 144.25 - 146.3 3.4 JupiterDv&G 3.88 - 5.50 3.00 19.10 7.4 -25.5
..USD $ 12.65 -0.05 13.35 11.70 - 13.4 -5.6 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob♦ 365.00 3.63 416.81 336.20 2.74 410.8 -11.1 MontanSm 522.00 -3.00 544.00 390.50 1.34 569.0 -8.3 F&C PvtEq 226.63 -1.13 230.00 197.00 4.78 284.1 -20.2 M&GHI&Gt 57.75 - 67.00 55.00 - -16.4 -14.8
BH Macro 2063 3.00 2191 1970 - 2166.0 -4.8 1,000 shares.
HenHigh 181.75 1.25 195.25 156.50 4.79 176.8 2.8 Mur Inc 679.00 9.00 796.60 646.50 4.83 731.2 -7.1 GraphEnt 582.00 14.25 605.00 536.10 1.29 692.0 -15.9 Rghts&Icp 4820 5.00 4900 3800 - -81.2 -3.4
..EUR € 19.87 -0.03 21.10 19.20 - 20.9 -4.9
HenInt Inc 115.88 0.63 137.69 103.00 3.71 115.5 0.3 Mur Int 818.50 18.50 1123 784.00 5.50 842.3 -2.8 HVPE 842.50 -6.00 899.46 783.86 - 1064.1 -20.8 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.73 - 21.10 18.80 - 20.8 -5.1 Income Shares 52 Week HR
Hen Opp♦ 997.50 -9.00 1059.1 755.00 1.25 1047.9 -4.8 ..B 750.00 - 1445.47 650.00 - 842.3 -11.0 HgCapital 1073 -1.50 1169 1006 2.98 1302.5 -17.6 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 770.00 0.50 898.92 492.52 - 809.6 -4.9 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 681.75 2.50 696.00 468.13 1.69 732.4 -6.9 NB DDIF $ 1.16 - 1.24 1.00 - - - JPM Pvt Eq $ 0.97 0.00 1.07 0.78 - 1.3 -25.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 63.38 1.38 116.75 55.25 9.49 63.0 0.6 JPM In&Gr♦ 97.75 0.25 100.50 90.15 4.50 -70.6 8.2
Herald 701.00 -1.50 742.50 594.00 - 856.2 -18.1 NewCtyEgy 13.63 - 35.08 10.50 - 17.9 -23.9 JZ Capital 407.25 - 480.00 390.00 - 693.5 -41.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 189.00 1.38 240.00 164.58 1.23 217.3 -13.0 M&GHghIc 56.50 - 63.00 51.00 - -16.3 -9.8
HICL Infra♦ 152.20 0.10 161.40 140.10 5.93 136.6 11.4 ..Sub 0.13 - 0.15 0.06 - - - Mithras 131.00 - 151.91 126.50 0.76 163.4 -19.8 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 106.38 -0.38 133.28 95.25 3.91 108.9 -2.3 Rghts&I♦ 1085 - 1245 895.00 3.32 - 46.7
Impax Env. 145.38 -0.88 167.75 136.00 0.96 165.0 -11.9 NewCityHY 57.50 0.50 66.50 52.00 7.36 56.7 1.4 NB PE Ptnr $ 11.38 -0.03 12.20 10.80 - - - in pence.
BlckRGtEur 241.00 3.75 264.50 201.75 1.95 251.1 -4.0
Ind IT 362.50 - 368.00 268.50 1.38 368.8 -1.7 NewIndia 302.50 -0.63 371.30 263.00 - 332.8 -9.1 Nthn Invs 585.00 -2.50 665.00 385.25 1.71 526.7 11.1 Capital Shares 52 Week HR
..Sub 13.25 -0.25 25.63 8.75 - - -
Intl PP 133.90 -0.50 140.59 130.34 4.71 128.8 4.0 New Star IT 72.50 - 77.91 65.45 - 110.2 -34.2 Pantheon 1290 15.00 1355 1140 - 1565.9 -17.6 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G 178.00 - 193.00 158.01 3.20 182.5 -2.5
InvAsTr 170.00 3.50 213.58 147.00 2.03 187.6 -9.4 NorthAmer 766.00 2.50 906.45 729.50 3.72 857.1 -10.6 PantheonR 1235 - 1300 1058 - 1565.9 -21.1 JPM Inc&Gr 10.50 0.13 15.19 9.00 4.5 -1.9 3.3 ♦ trading ex-dividend
BlckRIncStr♦ 134.00 2.75 140.50 119.25 4.82 132.6 1.1
Inv Inc 278.50 2.00 305.00 255.00 3.59 298.0 -6.5 NthAtSml 2051.5 -7.50 2069.61 1625.86 - 2604.7 -21.2 PrincssPE € 7.55 0.01 8.12 6.50 6.96 9.1 -17.0 M&GHghIc 2.88 0.13 5.30 2.00 13.5 12.5 - ■ trading ex-capital distribution
BlckRckLat♦ 291.38 6.88 484.00 267.02 6.60 326.8 -10.8
InvPerp 70.13 -0.13 79.00 69.00 7.13 70.7 -0.8 Oryx Int 590.00 -2.50 598.50 375.00 - 637.7 -7.5 Riverstone 930.00 -25.00 1114 822.00 - 1054.7 -11.8 # price at time of suspension from trading
BlckRckNrAm♦ 105.63 -0.13 124.50 98.75 3.79 116.7 -9.5 Zero Dividend Preference Shares 52 Week HR
IPST BalR 116.00 -0.50 123.00 114.00 - 115.3 0.6 PacAsset 183.25 - 226.15 156.25 1.42 183.7 -0.2 StdLfEuPv 211.00 7.00 236.42 198.00 2.37 273.0 -22.7
BlckRSmlr 953.00 -7.00 983.00 697.00 1.35 1036.5 -8.1 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 336.63 1.38 352.00 238.00 1.31 385.9 -12.8 IPST Gbl Eq 155.00 0.50 172.00 138.00 2.97 151.5 2.3 PacHorzn 158.50 2.25 223.77 142.50 0.88 178.1 -11.0 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 151.13 - 153.25 143.25 -46.3 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld♦ 219.50 2.00 475.00 202.00 9.57 245.0 -10.4 IPST Mngd 103.13 0.63 104.00 100.75 - 103.2 -0.1 Perp I&G♦ 409.90 4.00 431.00 350.81 2.95 403.3 1.6 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.38 - 155.10 150.10 -70.0 -88.0 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 188.10 -0.40 194.60 183.20 - 200.8 -6.3 IPST UK Eq 166.00 1.00 174.39 143.00 3.70 164.8 0.7 PerAsset♦ 33400 270.00 36313.1 33000 1.68 33643. -0.7 Direct Property JPM I&C 174.25 - 175.00 165.50 -19.4 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 456.60 -1.40 557.08 444.40 2.30 524.7 -13.0 InvPpUK 379.00 -0.50 390.46 281.00 4.53 403.0 -6.0 4 JupiterDv&G 110.63 0.13 114.00 99.50 -6.4 - 128.1
AseanaPr $ 0.55 - 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner♦ 526.75 -0.75 584.12 486.00 2.28 592.5 -11.1 Invs Cap A 91.00 -0.50 102.00 87.00 4.92 96.3 -5.5 PolarFins 103.75 -1.25 112.84 92.00 2.99 109.4 -5.2 JZ Capital 359.25 - 360.00 343.11 -87.9 -98.2 369.8
AXA Propty 49.00 -0.75 51.00 39.45 - - -
Calednia 2228 -8.00 2517.66 2104 2.22 2709.2 -17.8 Invs Cap B 91.50 - 103.00 87.03 1.26 96.4 -5.1 ..Sub 6.00 - 13.00 5.00 - - - M&GHghIc 114.75 - 115.29 110.01 -20.1 -95.6 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.50 -1.25 110.50 104.00 3.49 - -
CanGen C$ 19.00 0.50 22.00 17.08 2.85 25.8 -26.4 Invs CapU 366.00 - 404.95 347.00 - 385.6 -5.1 PolarHealth 171.00 4.38 187.50 142.50 2.08 180.6 -5.3 UtilicoFn16 185.50 0.50 186.00 178.25 -69.7 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 141.00 -0.80 149.00 123.00 4.26 129.3 9.0
Cap Gear 3244.5 -0.50 3575 3125 0.49 3224.7 0.6 JLaingInf♦ 114.30 -0.70 128.60 114.00 5.80 104.2 9.7 PolarTech 554.00 1.50 614.00 458.80 - 569.9 -2.8 UtilicoFn18 138.63 - 146.50 129.00 -21.2 -34.2 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 104.50 - 105.50 87.00 4.78 97.0 7.7
City Merch 181.75 -0.38 194.00 180.50 5.50 180.2 0.9 JPM Amer♦ 261.10 -1.80 296.14 236.05 1.24 271.8 -3.9 ProspJap $ 0.97 0.01 1.11 0.90 - 1.2 -19.2 UtilicoFn20 118.50 0.25 123.75 103.75 -9.7 -12.4 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET# 0.30 0.05 2.75 0.03 - 2.0 -85.0
CityNatRs 84.00 - 145.42 75.00 6.67 104.8 -19.8 JPM Asn 204.38 4.88 268.92 182.00 1.08 230.1 -11.2 QatarInvF $ 1.25 -0.02 1.49 1.09 2.77 1.5 -16.7
Longbow 106.25 - 106.75 101.25 5.41 - -
City Lon 382.20 1.90 418.35 345.00 3.89 375.8 1.7 JPM Brazil♦ 38.00 0.75 70.70 36.00 2.24 41.3 -8.0 RIT Cap 1520 3.00 1615 1265.55 1.95 1544.3 -1.6
PictonProp 71.75 -0.25 74.75 60.50 4.18 69.7 2.9 Investment Companies - AIM
DexionAb 188.00 0.50 191.00 167.00 - 193.8 -3.0 JPM China 155.00 4.25 233.96 136.30 1.03 184.6 -16.0 RobecoNV € 30.38 - - - - - -
SLIPropInc 86.50 0.50 90.25 74.75 5.37 78.0 10.9 Data provided by Morningstar
..EUR € 2.54 - 2.65 2.40 - 2.7 -5.9 JPMElct MC♦ 100.00 - 101.99 97.01 - 101.3 -1.3 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp 86.30 -0.30 94.00 80.65 4.26 84.3 2.4
..USD $ 3.85 - 3.89 3.60 - 4.1 -6.1 ..MG♦ 589.00 1.50 635.00 507.66 1.21 599.7 -1.8 Ruffer Inv 218.00 0.88 226.00 193.50 - 213.8 2.0 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 90.50 -1.00 93.00 73.02 2.60 90.6 -0.1 ..MI♦ 100.00 0.75 110.00 92.00 1.70 103.0 -2.9 SchdrAsiaP 254.00 3.25 321.50 226.25 1.08 281.7 -9.8 Property Securities AdFrntMkt 51.88 - 65.50 49.00 - 56.0 -7.4
JPM Emrg 531.50 5.00 674.65 486.00 1.03 601.2 -11.6 Schdr Inc 264.88 1.38 348.25 235.50 3.81 273.3 -3.1 SchdrGlbRe♦ 113.25 -0.25 132.98 98.88 1.92 122.9 -7.9 CrysAmber 170.25 - 172.00 129.81 0.3 168.3 1.2
Dun Inc 233.50 2.50 273.00 221.50 4.75 248.6 -6.1
JPM EurGth 237.88 1.38 263.00 193.00 2.82 255.6 -6.9 SchdrJap 146.25 0.25 165.00 115.25 1.23 151.4 -3.4 TR Prop 297.00 -2.80 325.00 232.40 2.54 304.5 -2.5 GLI Finance♦ 52.25 - 65.00 51.00 9.6 - -
Dun Sml 209.25 1.38 229.00 171.30 2.51 242.0 -13.5
EcofinWatr 119.00 0.13 176.75 114.75 5.88 150.2 -20.8 JPM EurInc 127.88 -0.13 147.50 104.75 1.99 132.7 -3.6 SchdrOrient 176.00 0.50 215.25 154.00 4.35 175.3 0.4 VCTs 52 Week Dis(-) IndiaCap 59.88 0.38 69.40 46.00 - 69.8 -14.2
JPM EuSm 246.00 -3.00 256.00 164.00 1.18 272.7 -9.8 SchdrUK 155.75 1.75 174.00 145.25 3.05 171.8 -9.3
..CULS
EdinDragn
102.75
234.00
0.50 111.34 102.00
3.00 311.00 212.50
-
0.94
-
263.3
-
-11.1 JPM Clavr 595.50 6.50 645.18 534.51 3.44 622.2 -4.3 SchdrUKMd 481.88 3.50 504.50 402.49 1.76 523.8 -8.0
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.00
3.25
-
-
21.99 10.50
5.00 3.00
-
-
51.2
- -
-60.9
www.morningstar.co.uk
AlbionDev♦ 69.00 - 70.89 66.00 7.25 71.2 -3.1
Thursday 17 September 2015 ★ FINANCIAL TIMES 29

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

Artemis Strategic Bond R Q Acc 83.45 88.63 -0.18 4.04 HighIncomeLoan H-EUR € 194.67 - 0.03 0.00 Cavendish Opportunities Fund A Class 1074.00 - 1.00 0.61 Emerging Asia £ 1.09 - 0.02 0.16 Global Telecomms A-GBP £ 0.27 - 0.00 1.19

Artemis Strategic Bond R Q Inc 54.30 57.67 -0.12 4.12 Cavendish Opportunities Fund C Acc 1116.00 - 0.00 1.20 Emerg Eur, Mid East & Africa H £ 1.35 - 0.02 1.00 India Focus A-GBP £ 4.17 - 0.02 0.00
ACPI Global UCITS Funds Plc (IRL) Hamon Investment Group
www.acpishard.com Artemis UK Growth R Acc 455.67 482.62 1.64 0.55 Cavendish Worldwide Fund B Class 292.20 - 3.10 0.84 Enhanced Income - Acc £ 1.86 - 0.02 7.14 Latin America A-GBP £ 1.31 - 0.02 0.65 Other International Funds
BONHOTE
Regulated Asian Market Leaders - USD $ 23.92 - 0.53 0.00
Artemis UK Smaller Cos R Acc 1128.39 1215.24 3.87 0.50 Other International Funds Cavendish Worldwide Fund A Class 291.30 - 3.20 0.07 Enhanced Income - Inc £ 1.20 - 0.02 7.48
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.77 - 0.09 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22 Asian Market Leaders - GBP £ 12.18 - 0.32 0.00
Artemis UK Special Sits R Acc 507.87 539.73 3.96 1.68 Cavendish Worldwide Fund C Acc 298.80 - 3.20 0.80 European - Inc £ 1.40 - 0.02 1.56
ACPI Global Credit UCITS Funds USD A $ 13.87 - -0.03 0.00 Findlay Park Funds Plc (IRL)
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Greater China - USD $ 10.16 - 0.22 0.00
Artemis US Abs Ret I Acc 104.95 - 0.02 - Cavendish AIM Fund B Class 162.20 - 0.10 0.38 European £ 15.89 - 0.13 1.18
ACPI Global Fixed Income UCITS Fund USD A $ 150.65 - -0.44 0.00 FCA Recognised
Artemis US Equity I Acc 109.06 - 1.16 - Cavendish AIM Fund A Class 157.30 - 0.10 0.00 Dragon Capital Group European Opportunities £ 3.71 - 0.02 0.25
Greater China - GBP £ 4.18 - 0.11 0.00
Q ACPI India Fixed Income UCITS Fund USD A $ 9.84 - -0.01 - c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam American Fund USD Class $ 79.69 - 0.98 0.00
Selected Asian P'folio $ 43.43 43.44 -0.42 0.00
Artemis US Select I Acc 111.83 - 1.05 - Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 150.80 - 2.30 1.64 Fund information, dealing and administration: funds@dragoncapital.com Extra Income £ 0.26 - 0.00 3.30
ACPI India Fixed Income UCITS Fund USD A3 $ 83.97 - -0.08 0.00 Regulated American Fund GBP Hedged £ 43.43 - 0.53 0.00
Artemis US Select I Inc 99.88 - 0.93 - Cavendish Asia Pacific Fund A Class 149.80 - 2.30 0.75 Other International Funds Extra Income - Gross £ 0.26 - 0.00 3.30
ACPI International Bond UCITS Fund USD A $ 17.85 - -0.08 0.00 UK Agricultural Class A £ 1.26 - 0.00 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.45 - 0.08 0.00 American Fund GBP Unhedged £ 51.94 - 0.97 -
Artemis US Smlr Cos I Acc 119.13 - 1.01 - Cavendish Asia Pacific Fund C Acc 155.00 - 2.30 1.62 Global Dividend - Acc £ 1.49 - 0.01 3.31 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
UK Agricultural Class B £ 1.38 - 0.00 0.00 Vietnam Growth Fund (VGF) NAV $ 22.21 - 0.40 0.00 Latin American Fund USD Class $ 11.51 - 0.16 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Artemis US Ex Alpha I Acc 113.89 - 1.14 - Cavendish European Fund B Class 138.10 - 0.80 1.28 Global Dividend - Inc £ 1.33 - 0.01 3.46
Student Accom Class B £ 0.55 - -0.17 0.00 Latin American Fund GBP Unhedged £ 7.46 - 0.12 - Enquiries 0117 90090000
ACPI Select UCITS Funds PLC (IRL) Vietnam Property Fund (VPF) NAV $ 0.81 - -0.01 0.00
Cavendish European Fund A Class 136.30 - 0.80 0.37 Global Focus £ 12.74 - 0.15 0.00 www.hl.co.uk
Regulated
Authorised Inv Funds
ACPI Balanced UCITS Fund USD Retail $ 13.65 - -0.05 0.00 Cavendish Japan Fund B Class 147.00 - -0.10 0.80 Global High Yield Fund - A Gross Acc £ 11.95 - 0.00 4.89
Artisan Partners Global Funds PLC (IRL) Hargreaves Lansdown Funds
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland CAF Financial Solutions (UK)
Cavendish Japan Fund A Class 145.50 - -0.10 0.00 DSM Capital Partners Funds (LUX) Global High Yield Fund - A Gross Inc £ 10.02 - 0.00 5.54
ACPI Balanced UCITS Fund EUR Retail € 10.31 - -0.03 0.00 Unit Trust
Tel: 44 (0) 207 766 7130 Kings Hill, West Malling, Kent 03000 123 222 www.dsmsicav.com
ACPI Balanced UCITS Fund GBP Retail £ 10.42 - -0.03 0.00 Property & Other UK Unit Trusts Cavendish North American Fund B Class 184.60 - 2.30 0.61 Regulated Global High Yield Fund - A Net Acc £ 11.53 - 0.00 4.94 HL Multi-Manager Special Situations Trust A Acc 261.26 275.01 -0.85 0.40
FCA Recognised
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artisan Partners Global Funds plc CAF UK Equitrack Inc Fd 69.00 69.00 1.04 3.40 Cavendish North American Fund A Class 178.90 - 2.30 0.00 Global Growth I2 Acc € 126.48 - 1.60 0.00 Global High Yield Fund - A Net Inc £ 10.01 - 0.00 5.54 HL Multi-Manager Special Situations Trust M Acc 261.28 275.03 -0.85 0.00
Artisan Emerging Markets I USD Acc $ 6.39 - -0.01 0.00 CAF UK Equitrack Acc Fd 96.11 96.11 1.46 3.40 Cavendish Technology Fund B Class 268.70 - 3.40 0.09 Global Property - Acc £ 1.39 - 0.01 1.34
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Global Growth I1 Eur € 94.62 - 1.20 - HL Multi-Manager Income & Growth Trust A Acc 162.41 170.87 -0.93 3.67
Artisan Global Equity Fund Class I USD Acc $ 14.77 - 0.10 0.00 FP CAF Alternative Strategies A Class Acc 110.97 - 0.04 0.49 Cavendish Technology Fund A Class 255.60 - 3.20 0.00 Global Property W Inc £ 1.13 - 0.01 3.02
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fleming Financial Trust Investment Fund Limited (NZ) HL Multi-Manager Income & Growth Trust M Acc 162.40 170.85 -0.93 0.30
Artisan Global Opportunities I USD Acc $ 11.86 - 0.10 0.00 FP CAF Alternative Strategies A Class Inc 110.13 - 0.03 0.52 Cavendish UK Balanced Income Fund B Class 138.10 - 0.80 5.34 Global Special Sits £ 24.41 - 0.29 0.00 Incorporated in New Zealand, Reg No 5141841
ACPI Horizon UCITS Fund $ 12.94 - 0.02 0.00 HL Multi-Manager Income & Growth Trust A Inc 98.57 103.71 -0.57 3.77
Eclectica Asset Management (UK) Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Artisan Global Value Fund Class I USD Acc $ 15.37 - 0.10 0.00 FP CAF Fixed Interest A class Acc 113.69 - -0.15 2.91 Cavendish UK Balanced Income A Class 131.40 - 0.80 5.61 40 Dukes Place, London EC3A 7NH Index Emerging Markets P-Acc £ 0.95 - 0.02 2.79 www.fftinvestmentfund.com HL Multi-Manager Income & Growth Trust M Inc 98.57 103.70 -0.57 0.30
Artisan US Value Equity Fund Class I USD Acc $ 10.43 - 0.10 0.00 Order Desk and Enquiries: 0345 608 0941
FP CAF Fixed Interest A class Inc 100.02 - -0.13 2.97 Cavendish UK Select Fund B Class 151.10 - 1.40 1.86 Index Europe ex UK P-Acc £ 1.00 - 0.00 2.50 info@fftinvestmentfund.com HL Multi-Manager Balanced Managed Trust A Acc 179.08 188.36 -0.57 0.95
Abbey Life Assurance Company Limited (UK) Authorised Corporate Director - Capita Financial Managers
Other International Funds
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 FP CAF Fixed Interest B class Acc 114.20 - -0.15 2.91 Cavendish UK Select Fund A Class 150.60 - 1.40 1.01 Authorised Inv Funds Index Japan P-Acc £ 1.07 - 0.01 1.59 HL Multi-Manager Balanced Managed Trust M Acc 179.08 188.35 -0.57 0.00
Fleming FT Investment Fund
additional fund prices can be found @ www.abbeylife.co.uk FP CAF Fixed Interest B class Inc 100.33 - -0.13 2.96 CF Eclectica Agriculture A EUR Acc ♦ € 1.41 - 0.03 0.00
Ashmore Sicav (LUX) Index Pacific ex Japan P-Acc £ 0.97 - 0.02 4.10 Fleming Fund £ 5.13 5.13 0.00 - HL Multi-Manager Equity & Bond Trust A Inc 107.74 113.24 -0.33 2.06
Insurances
2 rue Albert Borschette L-1246 Luxembourg CF Eclectica Agriculture A GBP Acc ♦ 102.26 - 1.10 0.00
Life Funds FP CAF International Equity A Class Acc 134.61 - 0.32 0.66 Index UK A-Acc £ 0.82 - 0.01 2.97 HL Multi-Manager Equity & Bond Trust M Inc 107.73 113.22 -0.33 0.18
FCA Recognised Cedar Rock Capital Limited (IRL)
FP CAF International Equity A Class Inc 130.87 - 0.31 0.66 Regulated CF Eclectica Agriculture A USD Acc ♦ $ 1.57 - 0.01 0.00 Index UK P-Acc £ 1.00 - 0.02 3.22 HL Multi-Manager Equity & Bond Trust A Acc 145.11 152.51 -0.45 2.03
Prop. Acc. Ser 2 1543.20 1624.40 -1.50 - Ashmore SICAV Emerging Market Debt Fund $ 93.72 - 0.28 8.00 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity A Class Acc 146.27 - -0.26 2.13 Cedar Rock Capital Fd Plc $ 341.80 - -3.32 0.00 CF Eclectica Agriculture C EUR Acc ♦ € 1.46 - 0.03 0.33 Regulated
Selective Acc. Ser 2 1570.00 1652.60 9.10 - Ashmore SICAV Emerging Market Frontier Equity Fund $ 140.72 - -0.36 0.94 Index US A-Acc £ 1.55 - 0.02 1.53 HL Multi-Manager Equity & Bond Trust M Acc 145.12 152.52 -0.46 0.17
FP CAF UK Equity A Class Inc 133.76 - -0.24 2.16 Cedar Rock Capital Fd Plc £ 348.69 - -3.61 0.00 CF Eclectica Agriculture C GBP Acc ♦ 106.03 - 1.14 0.39 Foord International Trust $ 33.67 - -0.09 0.00
American Ser. 4 1607.40 1692.00 20.00 - Ashmore SICAV Emerging Market Total Return Fund $ 80.49 - 0.15 5.63 Index US P-Acc £ 1.19 - 0.01 1.75 HL Multi-Manager Strategic Bond Trust A Acc 166.95 172.11 -0.08 1.49
FP CAF UK Equity B Class Acc 146.27 - -0.26 2.13 Cedar Rock Capital Fd Plc € 315.08 - -5.55 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.62 - 0.02 0.40
Custodian Ser. 4 485.20 510.80 2.50 - Ashmore SICAV Global Small Cap Equity Fund $ 113.81 - 0.53 0.00 Index World A-Acc £ 1.37 - 0.02 1.89 HL Multi-Manager Strategic Bond Trust M Acc 166.95 172.11 -0.08 0.13

Equity Ser. 4 549.80 578.70 9.10 - FP CAF UK Equity B Class Inc 133.75 - -0.24 2.16 Index World P-Acc £ 1.11 - 0.01 2.01 Franklin Templeton International Services Sarl (IRL) HL Multi-Manager Strategic Bond Trust A Inc 139.64 143.95 -0.06 1.51
Ashmore SICAV Local Currency Fund $ 81.50 - 0.10 0.32
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
European Ser 4 564.00 593.60 9.10 - EM Mkts Corp.Debt USD F $ 92.29 - 0.21 7.80 Charles Schwab Worldwide Funds Plc (IRL) Japan £ 2.61 - 0.01 0.00 HL Multi-Manager Strategic Bond Trust M Inc 139.65 143.96 -0.06 0.13
Other International Funds
Regulated
Fixed Int. Ser. 4 886.80 933.50 -4.70 - EM Mkts Loc.Ccy Bd USD F $ 76.07 - 0.09 4.46 Japan Smaller Companies £ 1.87 - 0.00 0.00 Franklin Emerging Market Debt Opportunities Fund Plc HL Multi Manager Emerging Markets A Acc 82.42 84.94 0.06 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Intl Ser. 4 424.70 447.00 6.20 - MoneyBuilder Asset Allocator £ 1.17 - 0.01 0.53 Franklin Emg Mkts Debt Opp CHFSFr 17.49 - -0.36 6.60 HL Multi-Manager European A Acc 98.28 101.30 -0.49 0.14

Japan Ser 4 355.30 374.00 1.10 - MoneyBuilder Balanced £ 0.50 - 0.01 4.15 Franklin Emg Mkts Debt Opp EUR € 12.32 - -0.30 6.67 HL Multi-Manager UK Growth A Acc 101.77 104.91 -0.70 0.17
Chartered Asset Management Pte Ltd Money Builder Dividend £ 2.53 - 0.03 4.49 Franklin Emg Mkts Debt Opp GBP £ 10.28 - 0.00 6.52
Man. Ser. 4 1624.30 1709.80 17.30 -
Other International Funds EdenTree Investment Management Ltd (UK)
Money Ser. 4 524.30 551.90 0.00 - MoneyBuilder Growth £ 0.74 - 0.01 2.29 Franklin Emg Mkts Debt Opp SGD S$ 22.71 - -0.27 6.36
CAM-GTF Limited $ 267287.64 267287.64 -408.96 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Haussmann
CCLA Investment Management Ltd (UK) Authorised Inv Funds MoneyBuilder Growth ISA £ 0.74 - 0.01 2.45 Franklin Emg Mkts Debt Opp USD $ 17.43 - -0.32 6.43 Other International Funds
Prop. Ser. 4 1099.00 1156.80 -0.80 - CAM GTi Limited $ 647.80 - -62.67 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET
Amity UK Cls A Inc 211.70 - 1.20 1.48 MoneyBuilder Income £ 0.35 - 0.00 3.23 Haussmann Cls A $ 2859.39 - -18.19 0.00
Custodian Ser 5 466.20 490.70 2.50 - Authorised Inv Funds Raffles-Asia Investment Company $ 1.59 1.59 -0.13 8.14
The Public Sector Deposit Fund Amity UK Cls B Inc 211.70 - 1.20 2.29 Haussmann Cls C € 2504.82 - -16.57 0.00
International Ser 5 408.00 429.50 5.90 - Aspect Capital Ltd (UK) MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23 Frontier Capital (Bermuda) Limited
Other International Funds The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50 Higher Income Cls A Inc 121.60 - 0.80 5.00 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed Ser 5 1560.50 1642.70 16.60 - Multi Asset Adventurous A-Acc £ 1.29 - 0.01 0.48 Other International
Aspect Diversified USD (Est) $ 413.75 - 3.28 0.00 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 Commercial Property-GBP Class £ 71.42 - -0.53 -
Higher Income Cls B Inc 125.20 - 0.90 4.93 Multi Asset Alloc Adventurous A-Acc £ 3.72 - 0.03 2.39
Money Ser 5 513.40 540.40 0.00 -
Aspect Diversified EUR (Est) € 248.88 - 1.95 - The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.35 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
UK Equity Growth Cls A Inc 238.00 - 1.50 0.61
Property Ser 5 1055.80 1111.40 -0.80 - Multi Asset Alloc Strategic A-Acc £ 1.16 - 0.01 0.28 Heartwood Wealth Management Limited (IRL)
Aspect Diversified GBP (Est) £ 127.15 - 1.01 0.00 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 Regulated
Pension Funds UK Equity Growth Cls B Inc 243.50 - 1.60 1.23 Multi Asset Alloc Def - Gross A £ 1.11 - 0.01 0.28
Aspect Diversified CHF (Est) SFr 119.13 - 0.93 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Heartwood Caut Multi Asset B Acc 138.51 - 0.09 0.00
American 1840.40 1937.30 27.50 - Amity Balanced For Charities A Inc 107.00 - 0.30 6.12 Multi Asset Alloc Def - Net A £ 1.11 - 0.01 0.25
Aspect Diversified Trends USD $ 123.64 - 0.24 0.00
Equity 4812.90 5066.20 85.50 - Amity European Fund Cls A Inc 195.80 - 0.50 1.27
Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Growth A £ 1.18 - 0.01 0.00
Aspect Diversified Trends EUR € 123.83 - 0.24 0.00 Regulated
European 1131.40 1190.90 19.80 - CCLA Investment Management Ltd (UK) Amity European Fund Cls B Inc 198.10 - 0.50 2.15 Multi Asset Defensive £ 1.21 - 0.00 0.36 Henderson Global Investors (UK)
Aspect Diversified Trends GBP £ 128.27 - 0.25 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne Convertibles Absolute Return Fund € 1338.77 - -0.75 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Fixed Int. 1626.60 1712.20 -10.10 - Amity Global Equity Inc for Charities A Inc 99.03 - 0.84 4.14 Multi Asset Defensive - Gross £ 1.21 - 0.00 0.35
Property & Other UK Unit Trusts www.henderson.com
Cheyne Global Credit Fund € 119.16 - -0.14 0.00
International 895.90 943.00 13.80 - CBF Church of England Funds Amity International Cls A Inc 192.80 - 2.40 1.45 Multi Asset Growth £ 1.34 - 0.01 0.36 Authorised Inv Funds
Atlantas Sicav (LUX) Investment Inc 1301.59 1315.98 4.71 3.78 Cheyne European Mid Cap Fund € 1133.59 - -4.45 0.00 Fundsmith LLP (1200)F (UK) Asia Pacific Capital Growth A Acc 660.20 - 8.60 0.98
Japan 370.10 389.60 1.20 - Amity International Cls B Inc 194.60 - 2.50 2.36 MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Regulated Asian Dividend Income Inc 80.35 84.80 0.97 7.00
Managed 4184.70 4405.00 46.80 - Investment Acc 2651.56 2680.89 9.58 - Amity Sterling Bond Fund A Inc 106.40 - -0.30 5.19 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
American Dynamic $ 3387.53 - 51.89 0.00 Multi Asset Open Growth A-Acc £ 0.45 - 0.00 0.82
Global Equity Inc 147.50 149.13 0.35 4.31 Authorised Inv Funds Cautious Managed A Acc 236.00 - 0.90 3.26
Property 2842.80 2992.40 -2.30 - Cheyne Capital Management (UK) LLP Amity Sterling Bond Fund B Inc 114.90 - -0.20 5.18 Multi Asset Open Strategic A-Acc £ 1.21 - 0.00 1.25
American One $ 3109.02 - 53.46 0.00 Other International Funds Fundsmith Equity T Acc 205.21 - 2.80 1.26
Security 1476.50 1554.20 0.00 - Global Equity Acc 215.61 217.99 0.51 - Cautious Managed A Inc 147.10 - 0.50 3.32
Bond Global € 1365.50 - -5.85 0.00 Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.52
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 Fundsmith Equity T Inc 193.80 - 2.64 1.28
Selective 2005.90 2111.40 12.10 - UK Equity Inc 142.70 144.14 0.38 4.05 China Opportunities A Acc 759.90 - 18.40 0.44
Eurocroissance € 827.74 - -2.02 0.00 Cheyne European High Yield Fund € 133.92 - -2.80 0.00 Edinburgh Partners Limited (IRL) Multi Asset Strategic £ 1.51 - 0.00 0.53
Formerly Hill Samuel Life Assurance Ltd UK Equity Acc 211.62 213.75 0.57 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Emerging Markets Opportunities A Acc 136.60 - 1.70 0.81
Far East $ 633.72 - 4.55 0.00 Open World A-Acc £ 1.15 - 0.01 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cheyne Malacca Asia Equity Fund Class A $ 1386.92 - -50.24 0.00 Dealing - Fax only - +353 1 434 5230
Fixed Interest Inc 162.81 163.46 -0.67 3.96 GAM Limited (2300)F (UK) European Growth A Acc 161.20 - -0.60 0.81
Managed Ser A (Life) 1525.90 1614.80 -5.30 - FCA Recognised Multi Asset Income A Gross Acc £ 1.55 - 0.00 3.72 GAM Sterling Management Limited
Cheyne Multi Strategy Liquid Fund $ 127.99 - 0.31 -
Fixed Interest Acc 493.85 495.83 -2.04 - Edinburgh Partners Opportunities Fund PLC European Selected Opportunities A Acc 1256.00 - 5.00 0.69
Multi Asset Income A Gross Inc £ 1.09 - 0.00 5.20 12 St James's Place London SW1A 1NX. 0800 919 927
Managed Ser A (Pensions) 1012.70 1066.00 -4.30 - Cheyne Real Estate Credit Holdings Fund £ 152.99 - 1.01 0.00
BLME Asset Management (LUX) Property Fund Inc 131.03 135.42 0.21 6.51 European Opportunities I EUR € 2.51 - 0.01 2.26 Internet: gam.com European Special Situations A Acc 94.66 - -0.29 1.05
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Multi Asset Income A Net Acc £ 1.46 - -0.01 3.74 Authorised Inv Funds
Cheyne Real Estate Debt Fund Class A1 £ 131.64 - -0.05 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property Fund Acc 234.22 242.07 2.73 - European Opportunities I GBP £ 1.84 - 0.01 2.44 Fixed Interest Monthly Income A Inc 21.86 22.93 -0.04 5.47
Regulated Multi Asset Income A Net Inc £ 1.09 - 0.00 5.21 GAM Funds OEIC
Cheyne Total Return Credit Fund - December 2017 Class $ 186.98 - -10.55 0.00
Managed (Life) 1546.60 1628.00 -5.20 - Income Fund - Share Class A Acc $ 1138.30 - -0.24 0.00 European Opportunities I USD $ 2.85 - 0.02 1.98 GAM Global Diversified Acc 3817.58 - 22.65 0.00 Global Care Growth A Inc 192.10 - 1.70 0.12
South East Asia £ 7.52 - 0.16 0.13
Cheyne Total Return Credit Fund December 2019 $ 136.64 - -6.86 -
Managed Growth (Life) 485.10 510.60 -1.90 - Income Fund - Share Class B Acc $ 1158.56 - -0.24 0.00 European Opportunities A EUR € 2.46 - 0.02 1.57 GAM North American Gwth Acc 3180.23 - 47.92 - Global Equity Income A Inc 47.43 - 0.55 3.91
CCLA Fund Managers Ltd (UK) Special Situations £ 30.06 - 0.21 0.80
Managed (Pensions) 6078.60 6398.50 -25.50 - Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I USD $ 1.61 - 0.01 2.10
Asset Management
Income Fund - Share Class C Acc $ 1006.39 - -0.22 0.00 GAM UK Diversified Acc 1835.36 - 13.19 - Global Growth Fund 1969.94 2059.10 16.58 0.00
Property & Other UK Unit Trusts Strategic Bond £ 0.31 - 0.00 2.96
Managed Growth (Pensions) 588.80 619.80 -2.90
additional fund prices can be found on our website
- Income Fund - Share Class D Dis $ 996.41

Income Fund - Share Class G Acc £ 1078.32

-

-
-0.21 1.22

-0.29 0.00
COIF Charity Funds (UK)
Investment Inc 1209.55 1222.92 17.13 3.62
Cohen & Steers SICAV
Regulated
(LUX) Global Opportunities I GBP

Global Opportunities I EUR

£

€
1.05

1.42
-

-
0.01 1.99

0.00 2.06
Strategic Bond Gross £ 0.31 - 0.00 2.96
Global Technology A Acc

Multi-Manager Absolute Return A Acc

Asset Manageme 894.60

134.70
-

-
12.30 0.00

-0.10 0.31
European Real Estate Securities € 22.1562 - -0.0556 1.68 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Income Fund - Share Class M Acc € 1013.35 - -0.17 0.00 Investment Acc 11527.18 11654.68 163.26 - Global Opportunities A GBP £ 0.98 - 0.00 1.50 FCA Recognised Multi-Manager Active A Acc ▲ 169.50 - 1.10 0.00
Europ.RealEstate Sec. IX € 29.6618 - -0.0744 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30
Pan European Opportunities I EUR € 1.53 - 0.01 - GAM Fund Management Ltd
Income Fund - Share Class W DisA$ 1034.57 - -0.13 - Ethical Invest Inc 186.54 188.60 2.54 3.73 Multi-Manager Distribution A Inc 125.20 - -0.20 3.18
Gbl RealEstate Sec. I $ 10.2010 - 0.0159 1.49 Target 2020 £ 0.55 - 0.00 0.51 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Gl Sukuk Fund - Share Class A Acc $ 1229.05 - -0.37 0.00 Ethical Invest Acc 237.80 240.43 3.23 - GAM Star Fund Plc Multi-Manager Diversified A Acc 77.52 - -0.12 2.70
Gbl RealEstate Sec. IX $ 12.0645 - 0.0188 0.00 Target 2025 £ 1.28 - 0.01 0.29
Gl Sukuk Fund - Share class B Acc £ 1096.48 1096.48 -0.34 0.00 Global Equity Inc 142.17 143.75 1.93 4.41 GAM Star Asia-Pacific Eqty USD Acc F $ 11.39 - -0.08 0.00 Multi-Manager Global Select Acc 173.60 - 0.40 0.00
Target 2030 £ 1.36 - 0.01 0.26
Global Equity Acc 208.78 211.09 2.84 - GAM Star Asian Eqty USD Ord Acc F $ 12.36 - -0.16 0.00 Multi-Manager Income & Growth A Acc 149.50 - -0.40 2.10
UK Select £ 2.41 - 0.02 0.89
Fixed Interest Inc 134.47 135.01 0.67 4.14 GAM Star Balanced GBP Acc £ 10.13 - -0.03 0.00 Multi-Manager Income & Growth A Inc 138.30 - -0.40 2.12
Alceda Fund Management S.A. Bank of America Cap Mgmt (Ireland) Ltd (IRL) UK Growth £ 3.51 - 0.04 0.00
www.alceda.lu Regulated Fixed Interest Acc 763.17 766.23 3.80 - GAM Star Cap.Appr.US Eqty USD Inc F $ 17.05 - 0.22 0.00 Multi-Manager Managed A Acc 223.50 - 1.60 0.43
UK Smaller Companies £ 2.07 - 0.00 0.19
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.26
Property Inc 112.63 116.40 0.11 5.79 GAM Star Cat Bond USD Acc $ 12.58 - 0.03 0.00 Multi-Manager Managed A Inc 219.40 - 1.50 0.42
AC Opp - Aremus Fund EUR A € 114.44 - 0.13 0.00 WealthBuilder A Acc £ 0.98 - 0.00 0.64
EFG Hermes Sterling Bond Acc 193.53 202.21 -2.52 2.80
Property Acc 248.62 256.95 2.77 - Fidelity PathFinder GAM Star Cautious GBP Acc £ 10.22 - -0.02 0.00
AC Risk Parity 7 Fund EUR A € 118.01 - -0.15 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Barclays Investment Funds (CI) Ltd (JER) Local Authorities Property Fd (LAMIT) (UK) Comgest SA (FRA) Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - 0.01 - GAM Star China Equity USD Acc F $ 20.99 - -0.12 0.00 Sterling Bond Inc 60.35 63.05 -0.78 2.84
AC Risk Parity 12 Fund EUR A € 140.23 - -0.25 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Other International Funds
Property 274.76 295.14 2.73 4.81 17 square Edouard VII - 75009 Paris Strategic Bond A Inc 126.60 - -0.30 5.34
Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.00 - GAM Star Cont European Eqty GBP Acc F £ 3.44 - 0.02 0.00
AC Risk Parity 17 Fund EUR A € 85.50 - -0.34 0.00 FCA Recognised FCA Recognised The EFG-Hermes Egypt Fund $ 29.93 - - 0.00
Bond Funds Fidelity PathFinder Foundation 2 Acc (clean) £ 1.07 - 0.00 - GAM Star Cred Opportunities GBP Acc £ 12.30 - 0.00 4.60 UK & Irish Smaller Companies A Acc 566.10 - -1.30 0.00
ACQ Risk Parity Bond Fund EUR A € 95.32 95.32 -0.06 0.00 Comgest Magellan € 18.30 - 0.02 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
Sterling Bond F £ 0.45 - 0.00 3.35 CG Asset Management Limited (IRL) Fidelity PathFinder Foundation 3 Acc (clean) £ 1.05 - 0.01 - GAM Star Defensive GBP Acc £ 10.74 - -0.01 0.00 UK Absolute Return A Acc 147.40 - 0.50 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Saudi Arabia Equity Fund SR 13.65 - 0.16 0.00
Fidelity PathFinder Foundation 4 Acc (clean) £ 1.06 - 0.01 - GAM Star Discretionary FX USD Acc F $ 12.66 - 0.01 0.00 UK Alpha A Acc ♦ 112.60 - 1.10 1.00
00 353 1 434 5098 Comgest AM International Ltd (IRL)
Baring Fund Managers Ltd (1200)F (UK) FCA Recognised 46 St Stephen's Green, Dublin 2, Ireland Fidelity PathFinder Foundation 5 Acc (clean) £ 1.13 - 0.02 - GAM Star Dynamic Gbl Bd USD Acc H $ 10.02 - -0.02 0.00 UK Equity Income & Growth A Inc 608.20 - 3.40 3.82
Dealing and Enquiries 020 7214 1004 Capital Gearing Portfolio Fund Plc £ 26361.63 26361.63 -96.42 0.63 FCA Recognised Electric & General (1000)F (UK)
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - -0.01 - GAM Star Emerg. Market Rates USD Acc F $ 11.40 - 0.00 0.00 UK Index A Acc 482.70 - 7.40 2.63
Fund Information: www.barings.com Stuart House St.John's Street Peterborough PE1 5DD
CG Portfolio Fund Plc Comgest Gth Asia Pac ex Jap DIS F $ 7.42 - -0.04 0.13 UK Property A Acc 193.08 203.24 0.05 4.04
Authorised Inv Funds Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 - GAM Star European Eqty USD Acc F $ 23.14 - 0.11 0.00
Multi Asset A Acc ... C 152.80 - 0.50 1.24 Real Return Cls A £ 167.49 167.49 -2.06 2.38 Comgest Gth Emerging Mkt DIS F $ 28.84 - -0.03 0.46 Authorised Inv Funds
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.10 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.39 - 0.03 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
Authorised Corporate Director - Carvetian Capital Management
Multi Asset A Inc ... C 146.20 - 0.50 1.25 Dollar Fund Cls D £ 129.28 129.28 -1.86 1.62 Comgest Gth Europe DIS F € 19.42 - 0.13 0.00
Fidelity PathFinder Focussed 3 Acc (clean) £ 1.09 - 0.00 - GAM Star GAMCO US Equity Acc F $ 12.81 - 0.18 0.00 UK Tracker A Acc 215.60 - 3.80 2.36
Algebris Investments (IRL) Electric&General Net Income A 136.90 - 2.20 2.12
Regulated Charity Fund Capital Value Fund Cls V £ 128.41 128.41 -0.52 0.27 Comgest Gth GEM PC DIS F € 11.59 - -0.03 0.16
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.10 - 0.01 - GAM Star Global Rates USD Acc F $ 12.53 - -0.02 0.00 US Growth A Acc 760.80 - 8.90 0.00
Enquiries 020 7214 1763
Algebris Financial Credit Fund - Class I EUR € 131.27 - -0.18 0.00
Fidelity PathFinder Focussed 5 Acc (clean) £ 1.11 - 0.01 - GAM Star Global Selector USD Acc F $ 12.83 - 0.02 0.00
Targeted Return Fund Acc 141.60 142.40 0.70 3.23
Algebris Financial Income Fund - Class I EUR € 119.85 - 0.62 0.00 Ennismore Smaller Cos Plc (IRL)
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
5 Kensington Church St, London W8 4LD 020 7368 4220 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 - GAM Star Japan Eqty USD Acc F $ 12.46 - -0.02 0.00

Asset Management
Targeted Return Fund Inc 110.00 110.60 0.50 3.30
Algebris Financial Equity Fund - Class B EUR € 99.06 - -0.14 - PO BOX 10117, Chelmsford, Essex, CM1 9JB
FCA Recognised
Asset Management Asset Management
Fidelity PathFinder Freedom 2 Acc (clean) £ 1.05 - 0.00 - GAM Star Keynes Quant Strat USD Acc F $ 12.10 - -0.11 0.00
Dealing & Client Services 0845 0264281
Algebris Asset Allocation Fund - Class B EUR € 99.16 - 0.23 - Ennismore European Smlr Cos NAV £ 97.54 - 0.15 0.00
Authorised Inv Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 - GAM Star Local EM Rates and FX USD Acc $ 10.61 - -0.02 0.00
Baring International Fd Mgrs (Ireland) (IRL)
Consistent UT Inc 53.84 54.48 0.66 4.83 Ennismore European Smlr Cos NAV € 132.87 - 0.15 0.00
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.03 - 0.00 - GAM Star North of South EM Equity Acc F $ 9.69 - -0.03 0.00
FCA Recognised Consistent UT Acc 125.49 126.98 1.55 4.68 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.02 - 0.00 - GAM Star Technology USD Acc F $ 14.86 - 0.11 0.00
ASEAN Frontiers A GBP Inc £ 99.81 - 0.23 0.62 Canada Life Investments (UK)
Practical Investment Inc 201.04 205.79 -3.48 3.80 Hermes Investment Funds Plc (IRL)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Ennismore European Smlr Cos Hedge Fd Fidelity PathFinder Freedom 5 Acc (clean) £ 1.07 - 0.00 - GAM Star US All Cap Eqty USD Acc F $ 13.16 - 0.18 0.00
Other International Funds Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Asia Growth A GBP Inc H £ 40.12 - 0.20 0.00 Authorised Inv Funds Practical Investment Acc 981.81 1004.98 7.66 3.70 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.00 3.96 GAM Star Worldwide Eqty USD Acc F $ 3168.76 - 21.67 0.00 FCA Recognised
Australia A GBP Inc £ 62.64 - 1.01 2.10 Asia Pacific B Acc 765.76 - 10.86 1.14 NAV € 482.14 - 6.07 0.00
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - 0.00 4.85 Hermes Abs Return Credit Fund Class F Acc £ £ 0.99 0.99 0.00 -
Baring China Bond Fund $ 9.88 - -0.01 0.00 Balanced B Acc 143.36 - 1.01 1.53 Hermes Abs Return Credit Fund Class R Acc € € 1.94 1.94 0.00 -
Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.72
Allianz Global Investors GmbH(1200) F (LUX) GYS Investment Management Ltd (GSY)
Baring Emerging Markets Corporate Debt Fund $ 9.28 - 0.00 0.00 Corporate Bond B Inc 203.34 - -1.19 4.07 Equinox Fund Mgmt (Guernsey) Limited (GSY) Regulated Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 -0.01 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.70
Regulated
Baring European Opportunities Fund Class A EUR Acc € 13.25 - 0.14 0.00 European B Acc 246.33 - 1.82 1.64 Taurus Emerging Fund Ltd $ 162.76 166.08 -6.61 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.42 1.42 0.03 0.00
Allianz Best Styles Global Equity £ 102.35 102.35 1.61 - Equinox Russian Opportunities Fund Limited $ 110.69 - -2.88 0.00 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.01 4.63
Baring Global Mining Fund - Class A GBP Inc £ 3.85 - 0.03 0.58 Global Bond B Inc 90.39 - -0.58 2.96 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.11 3.11 0.09 0.00
Allianz Global Fundamental Strategy £ 102.40 102.40 0.53 - Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.30
Dynamic Emerging Markets A GBP Acc F £ 8.56 - 0.05 0.00 Global Equity B Acc 571.02 - 6.30 1.14 Institutional OEIC Funds Hermes Global Emerging Markets Fund Class F Acc £ 1.09 1.09 0.01 0.00
Allianz Global Small Cap Equity £ 107.51 107.51 1.41 - Generali International Limited
Eastern Europe A GBP Inc £ 39.25 - 0.68 1.87 Global Equity Income B Inc 119.00 - 0.90 4.02 Crèdit Andorrà Asset Management (LUX) Euronova Asset Management UK LLP (CYM)
America £ 3.80 - 0.05 0.56 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Regulated Hermes Global Emerging Markets Fund Class R Acc € 2.78 2.78 0.06 0.00
www.creditandorra.com International Insurances
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.26 - -0.02 6.82 Global High Yield Bond B Inc 96.12 - -0.08 4.92 Emerging Markets £ 2.91 - 0.03 0.87
FCA Recognised Smaller Cos Cls One Shares (Est) € 33.85 - 0.37 0.00 Hermes Global Equity Fund Class F Acc £ 1.43 1.43 0.01 0.00
Amundi Funds (LUX) Global Multi-Strategy Managed $ 4.74 5.11 0.08 0.00
Emerging Opportunities A GBP Inc H £ 16.85 - 0.26 0.00 Global Infrastructure B Acc 106.24 - 0.84 0.95 Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Europe £ 4.02 - 0.03 1.59 Hermes Global Equity Fund Class R Acc € 3.79 3.79 0.06 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Smaller Cos Cls Two Shares (Est) € 23.78 - 0.23 0.00
UK Multi-Strategy Managed £ 4.85 5.22 0.09 0.00
www.amundi-funds.com Glb Emerging Markets A GBP Inc H £ 17.25 - 0.27 0.00 Global Resource B Acc 73.17 - 0.44 1.32 Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.20 - -1.10 3.05
Smaller Cos Cls Three Shares (Est) € 11.97 - 0.11 0.00 Hermes Global ESG Equity Fund Class F Acc £ 1.11 1.11 0.01 0.00
FCA Recognised EU Multi-Strategy Managed € 3.02 3.25 0.07 0.00
Glb Resources A GBP Inc H £ 10.45 - 0.11 0.38 Japan B Acc 47.94 - -0.12 0.94 Crediinvest SICAV Fixed Income Eur € 10.73 - -0.01 0.00 Global Focus £ 2.71 - 0.03 1.70
Asset Management
Bd. Euro Corporate AE Class - R - EUR € 18.34 - -0.10 0.00 Smaller Cos Cls Four Shares (Est) € 15.37 - 0.18 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.09 1.09 0.00 0.00
Global Bond USD $ 3.47 3.74 0.00 0.00
High Yield Bond A GBP Hedged Inc H £ 6.46 - 0.00 7.00 Portfolio III B Acc 106.17 - -0.08 2.04 Crediinvest SICAV Fixed Income Usd $ 10.50 - 0.00 0.00 Index Linked Bond £ 2.65 - -0.03 0.71 Hermes Global High Yield Bond Fund Class R Acc € 2.83 2.83 0.00 0.00
Bd. Global AU Class - R - USD $ 25.67 - -0.08 0.00
Hong Kong China A GBP Inc £ 543.37 - 12.45 0.64 Portfolio IV B Acc 107.56 - 0.18 2.24 Crediinvest SICAV Spanish Value € 247.69 - 0.79 0.00 Index Linked Bond Gross £ 3.20 - -0.03 0.71 Hermes Global Small Cap Fund Class F Acc £ £ 0.95 0.95 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00
India Fund - Class A GBP Inc £ 13.84 - 0.09 0.00 Portfolio V B Acc 106.44 - 0.52 1.39 Index-Linked Bond Fund Gross Inc £ 12.48 - -0.15 0.71
Genesis Asset Managers LLP
Crediinvest SICAV International Value € 216.26 - 0.93 0.00 Hermes Global Small Cap Fund Class R Acc € € 1.89 1.89 0.03 -
Eq. Emerging World AU Class - R - USD $ 79.57 - -0.04 0.00 Other International Funds
Latin America A USD Inc H $ 27.58 - 0.53 0.21 Portfolio VI B Acc 105.36 - 0.83 1.50 Crediinvest SICAV Big Cap Value € 16.29 - 0.06 0.00 Japan £ 1.94 - 0.01 0.81 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.00 -
Eq. Greater China AU Class - R - USD $ 533.33 - -5.68 0.00 Emerging Mkts NAV £ 4.97 - 0.02 0.00
MENA A GBP Inc F * £ 12.21 - 0.13 0.64 Portfolio VII B Acc 102.00 - 1.14 1.22 Crediinvest SICAV US American Value $ 17.78 - 0.23 0.00 Long Bond £ 0.50 - 0.00 2.85 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Eq. Latin America AU Class - R - USD $ 334.09 - 1.70 0.00
North American B Acc 779.23 - 7.68 0.79 Crediinvest SICAV Sustainability € 14.70 - -0.03 0.00 Long Bond Gross £ 0.81 - -0.01 2.79 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.26 1.26 0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.84 - 0.02 0.00 Guardian (UK)
Baring International Fd Mgrs (Ireland) (IRL)
Strategic Return B Acc 97.44 - -0.50 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Long Bond Fund Gross Inc £ 11.11 - -0.18 2.85 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.22 1.22 0.02 1.36
Regulated Regulated Insurances
Total Return B Acc 101.52 - 0.00 2.98 Pacific (Ex Japan) £ 3.31 - 0.06 2.02 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.06 3.06 0.06 0.00
DAVIS Funds SICAV (LUX)
(LF) Absolute Return € 1.30 - 0.00 0.00
The Antares European Fund Limited China A-Share A GBP Inc £ 5.70 - 0.14 0.00 UK Equity B Acc 108.19 - 1.69 1.76 Regulated
Guardian Assurance
Pan European £ 2.60 - 0.03 2.10 Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 0.00 0.00
Other International (LF) Balanced - Active Fund (RON)RON 16.35 - -0.04 0.00 Equity S-GH Class B £ 11.85 - 0.18 -
UK Equity & Bond Income B Inc 230.22 - 2.21 5.31 Davis Value A $ 39.68 - 0.52 0.00 Reduced Duration UK Corporate Bond £ 10.48 - 0.02 3.36
AEF Ltd Usd $ 646.32 - 6.18 - Hermes Sourcecap EX UK Fund Class R Acc € 3.06 3.06 0.04 0.00
(LF) Cash Fund € € 1.23 - 0.00 - Managed Fund Bond £ 22.57 23.51 -0.08 -
Barings (Luxembourg) (LUX) UK Equity Income B Inc 410.01 - 5.48 5.32 Davis Global A $ 27.70 - 0.42 0.00 Reduced Duration UK Corporate Bond Gross £ 10.65 - 0.02 3.36
AEF Ltd Eur € 649.37 - 6.25 0.00 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 0.00 0.00
FCA Recognised (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Choices Wth-Pfts Lg-tm 319.80 336.60 0.00 -
UK Government Bond B Inc 46.86 - -0.42 1.97 Reduced Duration UK Corporate Bond Inc £ 9.92 - 0.02 3.37 Hermes UK Small & Mid Cap Fund Class R Acc € 4.91 4.91 0.04 0.00
Russia A GBP Inc F £ 23.56 - 0.18 0.00 (LF) Eq Emerging Europe € 0.71 - 0.00 0.00 Choices Wth-Pfts St-tm 271.00 285.20 0.00 -
Discretionary Unit Fund Mngrs (1000)F (UK) Reduced Duration UK Corp Bond Gross Inc £ 9.93 - 0.01 3.37 Hermes US All Cap Equity Class F Stg £ Acc £ 0.95 0.95 0.01 -
Arisaig Partners 1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Choices Managed 591.79 622.94 -2.65 -
Other International Funds Capita Asset Services (UK) Select Emerging Markets Equities £ 1.11 - 0.02 1.71 Hermes US All Cap Equity Class R € Acc € 1.88 1.88 0.04 -
Authorised Inv Funds (LF) Global Bond Fd € 12.04 - -0.02 0.00 Choices Equity 658.51 693.17 -5.75 -
Arisaig Africa Consumer Fund Limited $ 14.85 - 0.05 0.00 Barmac Asset Management Ltd (UK) 40 Dukes Place, London EC3A 7NH Select European Eqts £ 1.73 - 0.01 1.88
40 Dukes Place, London, EC3A 7NH Disc Inc 1587.60 1636.70 9.70 0.00 Hermes US SMID Equity Fund Class F Acc £ 1.56 1.56 0.02 0.00
Order Desk and Enquiries: 0345 922 0044 (LF) Global Equities € 1.11 - 0.01 0.00 Freedom With Pfts Long-Tm 219.50 231.00 0.00 -
Arisaig Asia Consumer Fund Limited $ 61.53 - 0.16 0.00 Authorised Corporate Director - Capita Financial Managers Select Global Equities £ 2.88 - 0.03 1.17
Authorised Inv Funds Do Accum 5956.70 6140.90 36.50 0.00 Hermes US SMID Equity Fund Class R Acc € 3.36 3.36 0.06 0.00
Order Desk and Enquiries: 0345 922 0044 (LF) Eq Mena Fund € 13.70 - 0.04 0.00 Freedom With Pfts Short-Tm 197.30 207.70 0.00 -
Arisaig Global Emerging Markets Consumer Fund $ 9.80 - 0.06 0.00 CF Heartwood Cautious B Acc X 126.68 - 0.26 0.11 South East Asia £ 3.34 - 0.07 2.17
Authorised Inv Funds (LF) Greek Government Bond € 17.45 - 0.08 - Freedom Managed 346.96 365.22 -1.26 -
Arisaig Global Emerging Markets Consumer UCITS € 11.20 - 0.08 0.00 CF Heartwood Cautious Income B Inc X 110.00 - 0.08 2.06 Sterling Core Plus Bond Gr Accum £ 2.03 - -0.02 3.46
The Castleton Growth Fund Ret Acc 2 114.23 - 0.11 0.00 Hermes Property Unit Trust (UK)
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Freedom Equity 387.46 407.85 -2.71 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.49 - 0.08 0.00 CF Heartwood Growth B Acc X 140.15 - 1.19 0.68 Sterling Core Plus Bond Inc £ 1.32 - -0.02 5.18 Property & Other UK Unit Trusts
The Castleton Growth Fund Ret Inc 2 112.87 - 0.10 0.00
(LF) Greek Corporate Bond € 10.73 - 0.04 - Corp Pens Mananged 208.92 208.92 -0.93 -
Arisaig Latin America Consumer Fund $ 19.96 - 0.16 0.00 CF Heartwood Balanced Income B Inc X 111.72 - 0.58 2.50 UK £ 3.52 - 0.03 2.32 Property £ 5.64 6.00 0.06 4.08
The Castleton Growth Fund Ret Acc X F 110.55 - 0.10 0.00
(LF) FOF Balanced Blend € 1.38 - 0.00 0.00 Corp Pens Equity 214.99 214.99 -1.88 -
The Castleton Growth Fund Ret Inc X F 111.00 - 0.10 0.00 CF Heartwood Balanced B Acc X 122.73 - 0.57 0.35 UK Aggreg Bond Gr Accum £ 1.79 - -0.02 4.62
(LF) FOF Equity Blend € 1.27 - 0.01 0.00 Corp Pens Fixed Interest 297.16 297.16 -0.01 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.93 - 0.08 0.01 UK Aggregate Bond Inc £ 1.21 - -0.01 4.73 Hermes UK Residential Real Estate (UK)
(LF) FOF Glob. Emerging Mkts € 0.81 - 0.00 0.00 Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Richmond Core X 179.20 - 1.13 0.00 Dodge & Cox Worldwide Funds (IRL) UK Corporate Bond £ 1.21 - -0.01 3.98 Property & Other UK Unit Trusts
BlackRock (JER) 6 Duke Street,St.James,London SW1Y 6BN (LF) FOF Dynamic Fixed Inc € 11.50 - -0.01 0.00 Corp Pens Deposit 190.81 190.81 0.00 - VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Regulated CF Seneca Diversified Growth A ACC 211.19 - 0.67 1.37 UK Corporate Bond - Gross £ 2.24 - -0.01 3.85
www.dodgeandcox.worldwide.com 020 3713 7664 (LF) FOF Real Estate € 15.30 - 0.00 0.00 Corp Pens Protector 362.48 362.48 0.80 -
BlackRock UK Property £ 40.42 - 0.08 3.52 CF Seneca Diversified Growth B ACC 124.79 - 0.40 1.42 FCA Recognised UK Corporate Bond Fund Gross Inc £ 10.98 - -0.06 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens UK Index Tracker £ 1.86 1.86 -0.01 -
Blackrock UK Long Lease £ 1063.18 - 5.39 0.00 CF Seneca Diversified Growth N ACC 123.62 - 0.39 1.22 UK Gilt Bond £ 1.27 - -0.01 1.96 Impax Asset Management (IRL)
EUR Accumulating Class € 11.42 - 0.03 0.00 Guardian Linked Life Assurance Ltd Norfolk House, 31 St James's Square, London, SW1Y 4JR
Artemis Fund Managers Ltd (1200)F (UK)
BLK Intl Gold & General $ 3.76 3.96 0.01 0.00 CF Seneca Diversified Income A INC 87.65 - 0.06 5.57 UK Gilt Gross £ 2.01 - -0.02 1.93
57 St. James's Street, London SW1A 1LD 0800 092 2051 EUR Accumulating Class (H) € 9.22 - -0.02 0.00 Managed Acc £ 17.17 18.08 -0.07 - FCA Recognised
Authorised Inv Funds CF Seneca Diversified Income B INC 103.88 - 0.08 5.69 UK Long Corp Bond £ 1.34 - -0.02 4.40 Env Mkts (Ire) Stl A £ 2.12 - 0.01 0.00
EUR Distributing Class € 11.05 - 0.02 2.86 Equity Acc £ 31.37 33.02 -0.24 -
Artemis Capital R ACC 1255.02 1326.48 10.74 1.29 CF Seneca Diversified Income N INC 102.92 - 0.08 5.69 UK Long Corp Bond - Gross £ 2.42 - -0.04 4.25
Fixed Interest Acc £ 17.04 17.94 0.00 - Env Mkts (Ire) Euro A € 1.98 - 0.01 0.00
EUR Distributing Class (H) € 8.92 - -0.02 3.07
Artemis European Growth R Acc 242.55 256.20 1.42 1.21 Investment Adviser - DSM Capital Partners UK Long Corporate Bond Fund - Gross Income £ 10.76 - -0.16 4.39
International Acc £ 12.43 13.09 -0.04 - Env Mkts (Ire) USD A $ 1.71 - 0.01 0.00
The Westchester X $ 27.00 - 0.39 0.00 GBP Distributing Class £ 9.88 - 0.03 2.96
Artemis European Opps R Acc 72.56 76.58 0.57 0.85 UK Specialist £ 1.84 - 0.02 3.32
GBP Distributing Class (H) £ 8.99 - -0.02 3.02 FIL Investment Services (UK) Limited (1200)F (UK) International S-NA Acc £ 6.39 6.73 -0.02 -
Artemis Global Emg Mkts I GBP Acc 79.82 - 0.69 - The Westchester Class 1 GBP Acc £ 18.98 - 0.30 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Retail Share Classes
USD Accumulating Class $ 9.28 - -0.02 0.00 Callfree: Private Clients 0800 414161
International S-PA Acc £ 3.86 4.06 -0.01 - INDIA VALUE INVESTMENTS LIMITED (INVIL)
Artemis Global Emg Mkts I GBP Dist 79.82 - 0.69 - The Westchester Class 2 GBP Acc £ 19.02 - 0.30 0.00 Emerging Markets - retail £ 1.16 - 0.01 0.08
www.invil.mu
Dodge & Cox Worldwide Funds plc-Global Stock Fund Broker Dealings: 0800 414 181 International S-EU Acc £ 3.11 3.28 -0.01 -
BlueBay Asset Management LLP (LUX) Investment Adviser - Morant Wright Management Limited Europe Long Term Growth £ 1.54 - 0.00 1.84 Other International Funds
Artemis Global Energy R Acc 21.37 22.65 0.25 0.00 Authorised Inv Funds
Regulated CF Morant Wright Japan A X 257.24 - 0.70 0.00 USD Accumulating Share Class $ 15.70 - 0.19 0.00 Managed S-PR Acc £ 6.52 6.87 -0.03 -
Unit Trust {*}CAR - Net income reinvested NAV £ 7.62 - -0.01 0.00
Artemis Global Growth R Acc 177.25 187.01 1.66 0.84
BlueBay EmMkt B-USD $ 286.94 - -0.01 0.00 CF Morant Wright Japan A Inc X 253.43 - 0.68 0.00 GBP Accumulating Share Class £ 16.84 - 0.31 0.00 Fixed Interest S-IL Acc £ 6.44 6.78 0.00 -
Cash Accum Units 186.36 186.36 0.00 0.00
Artemis Global Income R Acc 92.42 97.64 0.90 4.29
BlueBay EmMktCrp B-USD $ 159.91 - -0.62 0.00 CF Morant Wright Japan B X 273.41 - 0.74 0.54 GBP Distributing Share class £ 12.31 - 0.22 0.76 Deposit Accum £ 4.44 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.14 FIL Fund Management (LUX)
Artemis Global Income R Inc 74.42 78.62 0.73 4.47 Intrinsic Value Investors (IVI) LLP (IRL)
BlueBay EmMktSel B-USD $ 142.73 - 0.04 0.00 CF Morant Wright Japan B Inc X 257.83 - 0.71 0.57 EUR Accumulating Share Class € 20.92 - 0.35 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Guardian Pensions Management Ltd
Gross Accum Cash £ 1.28 1.28 0.00 0.00 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis Global select R Acc 68.67 72.46 0.65 0.00 Dodge & Cox Worldwide Funds plc-International Stock Fund Phone: 800 22 089, 800 22 088
BlueBay EmMkLocCy B-USD $ 130.48 - 0.21 0.00 Pens. Managed Acc. £ 22.35 23.53 -0.10 - FCA Recognised
CF Morant Wright Nippon Yield ACC A X 264.40 - 0.29 2.18 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Regulated
Artemis High Income R Inc 78.39 83.47 0.08 5.84 USD Accumulating Share Class $ 13.77 - 0.15 0.00 IVI European Fund EUR € 17.34 - 0.08 0.00
BlueBay GlblConv I-USD $ 187.11 - 0.26 0.00 Pens. Equity Acc. £ 33.17 34.91 -0.29 -
CF Morant Wright Nippon Yield ACC B X 273.89 - 0.30 2.17 MoneyBuilder Global £ 2.51 2.51 0.01 0.20 China Consumer A-GBP £ 13.39 - 0.11 0.00
Artemis Income R Inc 202.70 214.82 1.82 4.44 EUR Accumulating Share Class € 14.38 - 0.22 0.00 IVI European Fund GBP £ 17.27 - 0.09 1.03
BlueBay GlblHgYd B-USD $ 132.28 - -0.08 0.00 CF Morant Wright Nippon Yield Fund A Inc X 232.10 - 0.25 2.22 OEIC Funds China Focus A-GBP £ 3.98 - 0.03 0.75
Artemis Income R Acc 339.67 359.97 3.05 4.32 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
BlueBay HgYield B-EUR € 336.21 - 0.03 0.00 CF Morant Wright Nippon Yield Fund B Inc X 240.50 - 0.26 2.21 American £ 26.85 - 0.33 0.00 HPB Assurance Ltd
USD Accumulating Share Class $ 17.64 - 0.23 0.00 Global Financial Services A-GBP £ 0.43 - 0.01 0.12
Artemis Monthly Dist R Inc 61.52 65.27 0.22 4.85 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
BlueBay HgYieldCp B-EUR € 142.43 - 0.03 0.00 American Special Sits £ 11.01 - 0.13 0.00
GBP Accumulating Share Class £ 17.89 - 0.34 0.00 Global Health Care A-GBP £ 0.55 - 0.00 0.00
Artemis Pan-Euro Abs Ret GBP 109.99 - -0.27 - International Insurances
BlueBay InvGr B-EUR € 170.23 - -0.58 0.00 Asia Pacific Ops W-Acc £ 1.00 - 0.02 -

Asset Management
Cavendish Asset Management Limited (1200)F (UK) GBP Distributing Share Class £ 11.41 - 0.22 0.53 Global Industrials A-GBP £ 0.61 - 0.01 0.00 Holiday Property Bond Ser 1 £ 0.49 - 0.00 0.00
Artemis Strategic Assets R Acc 73.79 78.22 0.79 0.00

Asset Management Asset Management

BlueBay InvGEurGv B-EUR € 147.31 - -0.24 0.00 Chelsea House, Westgate, London W5 1DR Fidelity Asian Dividend Fund A-Accumulation £ 1.04 - 0.03 1.51
EUR Accumulating Share Class € 20.32 - 0.36 0.00 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - -0.01 0.56 Holiday Property Bond Ser 2 £ 0.59 - 0.00 0.00
Artemis Strategic Bond R M Acc 83.37 88.54 -0.17 4.05 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
BlueBay InvGEurAg I-EUR € 147.58 - -0.28 0.00 Fidelity Asian Dividend Fund A-Income £ 0.98 - 0.02 2.84
Authorised Inv Funds Global Real Asset Securities £ 1.32 - 0.01 0.00
Artemis Strategic Bond R M Inc 54.06 57.41 -0.11 4.12
BlueBay InvGLibor B-EUR € 124.98 - 0.03 0.00 China Consumer £ 1.38 - 0.04 0.08
Cavendish Opportunities Fund B Class 1082.00 - 1.00 1.40 Global Technology A-GBP £ 0.24 - 0.01 0.00
 30
Fund Bid Offer +/- Yield
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 398.41 - 5.62 0.97
Asian Inc ♦ F
357.84 - 5.05 0.98
Asian Equity Income Acc ♦ F
54.40 - 0.77 4.77
Asian Equity Income Inc ♦ F 46.35 - 0.65 4.90
Balanced Risk 6 Acc 51.44 - -0.06 0.00
Balanced Risk 8 Acc 52.63 - -0.09 0.00
Balanced Risk 10 Acc 53.71 - -0.11 0.13
Childrens Acc ♦ F 392.76 - 4.12 1.82
set Management
Corporate Bd Acc (Gross) ♦ F 205.14 - -0.63 3.62
Corporate Bd Inc (Gross) ♦ F 88.75 - -0.27 3.72
Corporate Bond Acc ♦ F 182.81 - -0.56 3.64
Corporate Bond Inc ♦ F 88.46 - -0.28 3.73
Distribution Acc ♦ F 107.88 - 0.35 4.32
Distribution Acc (Gross) ♦ F 123.32 - 0.40 4.30
Distribution Inc ♦ F 63.21 - 0.21 4.40
Distribution Inc (Gross) ♦ F 63.22 - 0.21 4.40
Emerging European Acc ♦ F 34.00 - 0.34 3.00
Emerging European Inc ♦ F 30.99 - 0.30 3.08
European Equity Acc ♦ F 816.37 - 4.61 2.27
European Equity Inc ♦ F 690.70 - 3.90 2.32
European Equity Income Acc ♦ F 71.21 - 0.32 3.51
European Equity Income Inc ♦ F 55.12 - 0.25 3.60
European High Income Acc ♦ F 78.74 - -0.17 3.40
European High Income Inc ♦ F 57.45 - -0.13 3.45
European Opportunities Inc ♦ F 85.37 - 0.39 0.16
European Opportunities Acc ♦ F 87.41 - 0.39 0.16
European Smlr Cos Acc ♦ F 189.96 - 0.81 0.23
Global Bd Acc (Gross) ♦ F 128.75 - -0.27 1.17
Global Bd Inc (Gross) ♦ F 79.75 - -0.17 1.18
Global Bond Acc ♦ F 121.03 - -0.25 1.17
Global Bond Inc ♦ F 79.66 - -0.16 1.18
Glbl Distribution Acc 52.43 - 0.24 4.44
Glbl Distribution Acc (Gross) 53.04 - 0.25 4.44
Glbl Distribution Inc 50.09 - 0.23 4.46
Glbl Distribution Inc (Gross) 50.10 - 0.23 4.46
Global Emerging Markets Acc ♦ F 225.34 - 2.83 1.04
Global Emerging Markets Inc ♦ F 203.20 - 2.55 1.05
Global Equity (acc) ♦ F 454.97 - 5.60 0.51
Global Equity (inc) ♦ F 412.46 - 5.08 0.51
Global Equity Income Acc ♦ F 116.15 - 1.16 3.34
Global Equity Income Inc ♦ F 94.34 - 0.95 3.43
Gbl Financial Capital Acc 88.08 - 0.10 4.34
Gbl Financial Capital Inc 75.64 - 0.10 4.47
Gbl Financial Cap Acc Gross 91.95 - 0.12 4.84
Gbl Financial Cap Inc Gross 76.01 - 0.10 5.03
Global Opportunities Acc ♦ F 91.19 - 1.17 0.49
Global Smaller Cos Acc ♦ F 1629.47 - 9.10 0.21
Global Smaller Cos Inc ♦ F 1555.94 - 8.69 0.21
Global Targeted Rets Acc 56.56 - 0.07 0.29
High Income Acc ♦ F 808.10 - 5.35 3.45
High Income Inc ♦ F 445.77 - 2.95 3.53
High Yield Fund Acc 107.17 - -0.08 4.86
High Yield Fund Acc (Gross) 124.84 - -0.09 4.83
High Yield Fund Inc 42.89 - -0.03 4.98
High Yield Fund Inc (Gross) 42.97 - -0.03 4.98
Hong Kong & China Acc ♦ F 435.47 - 7.72 0.80
Income & Growth Acc ♦ F 931.42 - 10.10 4.19
Income & Growth Inc ♦ F 404.10 - 4.38 4.31
Income Acc ♦ F 3123.57 - 19.17 3.29
Income Inc ♦ F 1764.18 - 10.82 3.36
Japan Acc ♦ F 300.51 - -1.32 0.31
Japanese Smlr Cos Acc ♦ F 61.61 - -0.70 0.00
Latin America Acc ♦ F 99.98 - -0.07 1.53
Latin America Inc ♦ F 83.22 - -0.06 1.54
Managed Growth Acc ♦ F 155.73 - 1.18 0.73
Managed Growth Inc ♦ F 129.64 - 0.98 0.73
Managed Income Acc ♦ F 155.58 - 0.82 3.21
Managed Income Inc ♦ F 95.87 - 0.50 3.27
Money Acc ♦ F 90.13 - 0.00 0.22
Money Acc (Gross) ♦ F 95.25 - 0.00 0.22
Monthly Income Plus Acc ♦ F 295.04 - 0.21 4.76
Monthly Income Plus Acc (Gross) ♦ F 346.35 - 0.25 4.73
Monthly Income Plus Inc ♦ F 109.43 - 0.08 4.85
Monthly Income Plus Inc (Gross) ♦ F 109.59 - 0.08 4.85
Pacific Acc ♦ F 906.72 - 7.15 0.40
Pacific Inc ♦ F 832.80 - 6.56 0.40
Tactical Bond Acc ♦ F 68.33 - 0.01 0.97
Tactical Bond Inc ♦ F 59.47 - 0.01 0.97
Tactical Bond Acc (Gross) ♦ F 70.85 - 0.00 0.97
Tactical Bond Inc (Gross) ♦ F 59.54 - 0.00 0.98
UK Aggressive Acc ♦ F 196.20 - 1.93 1.87
UK Aggressive Inc ♦ F 163.39 - 1.60 1.90
UK Growth Acc ♦ F 537.57 - 5.66 1.90
UK Growth Inc ♦ F 341.06 - 3.60 1.93
UK Smaller Cos Equity Acc ♦ F 854.21 - -3.07 0.80
UK Smaller Cos Equity Inc ♦ F 654.14 - -2.35 0.80
UK Strategic Income Acc ♦ F 182.53 - 1.20 3.48
UK Strategic Income Inc ♦ F 136.83 - 0.90 3.57
US Equity Acc ♦ F 519.38 - 7.32 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 166.83 - 2.36 1.56
Asian (No Trail) Inc ♦ F 151.69 - 2.14 1.57
Asian Equity Income (No Trail) Acc ♦ F 111.28 - 1.58 4.76
Asian Equity Income (No Trail) Inc 94.82 - 1.34 4.89
Balanced Risk 6 No Trail Acc 104.72 - -0.12 0.16
Balanced Risk 8 No Trail Acc 107.12 - -0.18 0.44
Balanced Risk 10 No Trail Acc 109.30 - -0.23 0.59
Corporate Bond (No Trail) Acc ♦ F 162.64 - -0.50 3.89
Corporate Bond (No Trail) Inc ♦ F 117.00 - -0.36 3.98
Distribution (No Trail) Acc ♦ F 165.37 - 0.54 4.31
Distribution (No Trail) Inc ♦ F 110.30 - 0.36 4.39
Emerging European (No Trail) Acc ♦ F 70.67 - 0.69 3.60
Emerging European (No Trail) Inc ♦ F 62.45 - 0.62 3.71
European Equity (No Trail) Acc ♦ F 144.03 - 0.82 2.78
European Equity (No Trail) Inc ♦ F 121.65 - 0.69 2.86
European Equity Income (No Trail) Acc ♦ F 146.57 - 0.65 3.50
European Equity Income (No Trail) Inc ♦ F 113.48 - 0.50 3.59
European High Income (No Trail) Acc ♦ F 162.12 - -0.36 3.39
European High Income (No Trail) Inc ♦ F 118.29 - -0.26 3.44
European Opportunities (No Trail) Acc ♦ F 182.86 - 0.82 0.66
European Opportunities (No Trail) Inc ♦ F 173.53 - 0.78 0.67
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 233.10 - 1.00 0.73
Global Balanced Index (No Trail) Acc ♦ F 153.58 - 0.80 1.81
Global Bond (No Trail) Acc ♦ F 135.97 - -0.28 1.42
Global Bond (No Trail) Inc ♦ F 123.64 - -0.25 1.43
Glbl Distribution Acc (No Trail) 105.55 - 0.49 3.86
Glbl Distribution Inc (No Trail) 100.85 - 0.46 3.93
Gbl Emerging Markets (No Trail) Acc ♦ F 147.58 - 1.86 1.67
Gbl Emerging Markets (No Trail) Inc ♦ F 137.13 - 1.72 1.70
Global Equity (No Trail) acc ♦ F 200.68 - 2.48 1.04
Global Equity (No Trail) inc ♦ F 185.68 - 2.29 1.05
Global Equity Income (No Trail ) Acc ♦ F 240.08 - 2.40 3.33
Global Equity Income (No Trail) Inc ♦ F 194.99 - 1.95 3.41
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 163.78 - 1.57 1.36
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 191.77 - 2.03 1.79
Gbl Fin Cap No Trail Acc 179.36 - 0.22 4.32
Gbl Fin Cap No Trail Inc 154.05 - 0.19 4.45
Global Opportunities (No Trail) Acc ♦ F 234.46 - 2.98 1.02
Global Smaller Companies (No Trail) Acc ♦ F 237.87 - 1.33 0.77
Global Smaller Companies (No Trail) Inc ♦ F 227.29 - 1.27 0.78
Global Targeted Rets (No Trail) Acc 114.21 - 0.14 0.84
High Income (No Trail) Acc ♦ F 172.66 - 1.15 3.44
High Income (No Trail) Inc ♦ F 126.94 - 0.84 3.53
High Yield Fund (No Trail) Acc 221.93 - -0.15 4.84
High Yield Fund (No Trail) Inc 165.43 - -0.12 4.96
Hong Kong & China (No Trail) Acc ♦ F 172.56 - 3.06 1.34
Fund Bid Offer +/- Yield
Income & Growth (No Trail) Acc ♦ F 219.10 - 2.38 4.18
Income & Growth (No Trail) Inc ♦ F 173.45 - 1.89 4.30
Income (No Trail) Acc ♦ F 171.51 - 1.06 3.27
Income (No Trail) Inc ♦ F 127.52 - 0.79 3.35
Japan (No Trail) Acc ♦ F 142.68 - -0.62 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 156.81 - -1.78 0.00
Latin American (No Trail) Acc ♦ F 96.60 - -0.06 2.33
Latin American (No Trail) Inc ♦ F 86.75 - -0.06 2.35
Managed Growth (No Trail) Acc ♦ F 188.69 - 1.44 1.27
Managed Growth (No Trail) Inc ♦ F 173.52 - 1.32 1.28
Managed Income (No Trail) Acc ♦ F 186.34 - 0.98 3.20
Managed Income (No Trail) Inc ♦ F 154.00 - 0.81 3.26
Monthly Income Plus (No Trail) Acc ♦ F 170.04 - 0.12 4.74
Monthly Income Plus (No Trail) Inc ♦ F 107.77 - 0.08 4.84
Pacific (No Trail) Acc ♦ F 168.08 - 1.33 0.91
Pacific (No Trail) Inc ♦ F 159.53 - 1.26 0.99
Tactical Bond (No Trail) Acc ♦ F 139.76 - 0.02 1.46
Tactical Bond (No Trail) Inc ♦ F 119.17 - 0.02 1.48
UK Aggressive (No Trail) Acc ♦ F 161.29 - 1.59 2.43
Asset Management
UK Aggressive (No Trail) Inc ♦ F 135.71 - 1.33 2.48
UK Enhanced Index (No Trail) Acc ♦ F 389.57 - 4.71 3.63
UK Enhanced Index (No Trail) Inc ♦ F 247.51 - 2.99 3.71
UK Growth (No Trail) Acc ♦ F 142.07 - 1.50 2.44
UK Growth (No Trail) Inc ♦ F 116.25 - 1.23 2.49
UK Smaller Companies Equity (No Trail) Acc ♦ F 277.89 - -0.99 1.30
UK Smaller Companies Equity (No Trail) Inc ♦ F 256.36 - -0.91 1.32
UK Strategic Income (No Trail) Acc ♦ F 724.45 - 4.77 3.47
UK Strategic Income (No Trail) Inc ♦ F 543.11 - 3.57 3.55
US Equity (No Trail) Acc ♦ F 216.10 - 3.04 0.04
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.91 - -0.01 0.00
Invesco Asia Balanced A dist $ 13.92 - 0.08 3.79
Invesco Asia Consumer Demand Fund A income $ 12.29 - 0.14 0.20
Invesco Asia Infrastructure (A) $ 12.42 - 0.18 1.55
Invesco Asia Opportunities Equity A $ 99.19 - 1.38 0.00
Invesco Balanced Risk Allocation Fund A € 14.57 - 0.00 0.00
Invesco Emerging Europe Equity Fund A $ 8.08 - 0.08 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.85 - -0.01 7.07
Invesco Emerging Mkt Quant.Eq. A $ 9.26 - 0.12 0.00
Invesco Energy A $ 17.62 - 0.26 0.00
Invesco Euro Corporate Bond Fund (A) € 17.06 - -0.03 0.00
Invesco Euro Inflation Linked Bond A € 15.27 - -0.05 0.00
Invesco Euro Reserve A € 322.80 - 0.00 0.00
Invesco Euro Bond A € 7.03 - -0.03 0.00
Invesco European Growth Equity A € 23.78 - 0.43 0.00
Invesco Global Absolute Return Fund A Class € 11.37 - -0.04 0.00
Invesco Global Bond A Inc $ 5.51 - -0.02 0.97
Invesco Global Conservative Fund 90 (EUR) A € 11.88 - -0.03 0.00
Invesco Global Equity Income Fund A $ 58.50 - 0.75 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.97 - 0.01 2.19
Invesco Global Inv Grd Corp Bond A Dist $ 11.64 - -0.04 3.07
Invesco Global Leisure A $ 35.85 - 0.34 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.98 - 0.45 0.00
Invesco Global Structured Equity A $ 45.47 - 0.48 0.76
Invesco Global Total Ret.(EUR) Bond Fund A € 13.23 - -0.03 0.00
Invesco Gold & Precious Metals A $ 3.46 - -0.03 0.00
Invesco Greater China Equity A $ 42.03 - 0.52 0.00
Invesco India Equity A $ 51.20 - -0.22 0.00
Invesco Japanese Equity Adv Fd A ¥ 3562.00 - 16.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1180.00 - 6.00 0.00
Invesco Latin American Equity A $ 5.89 - 0.00 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 964.00 - -1.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 19.05 - 0.28 0.00
Invesco Pan European High Income Fd A € 13.82 - 0.01 2.20
Invesco Pan European Small Cap Equity A € 22.77 - 0.26 0.00
Invesco Pan European Structured Equity A € 16.72 - 0.24 0.00
Invesco UK Eqty Income A £ 31.24 - 0.20 0.00
Invesco UK Investment Grade Bond A £ 0.98 - -0.01 2.93
Invesco US Structured Equity A $ 20.72 - 0.27 0.00
Invesco US Value Eq Fd A $ 30.46 - 0.45 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.59 - 0.00 3.37
Invesco Asian Equity A $ 5.94 - 0.09 0.55
Invesco ASEAN Equity A $ 87.81 - -0.13 0.44
Invesco Bond A $ 26.96 - -0.18 2.20
Invesco Continental Eurp Small Cap Eqty A $ 197.25 - 1.06 0.00
Invesco Emerging Markets Equity A $ 34.59 - 0.44 0.00
Invesco Emerging Markets Bond A $ 20.82 - 0.10 4.87
Invesco Continental European Equity A € 8.69 - 0.11 0.20
Invesco Gilt A £ 14.89 - -0.15 1.46
Invesco Global Small Cap Equity A NAV $ 119.51 - 0.70 0.00
Invesco Global High Income A NAV $ 12.43 - -0.01 5.46
Invesco Gbl R/Est Secs A GBP F F £ 7.35 - 0.05 0.94
Invesco Global Health Care A $ 137.33 - 1.27 0.00
Invesco Global Select Equity A $ 12.98 - 0.16 0.00
Invesco Jap Eqty Core A $ 1.78 - -0.01 0.00
Invesco Japanese Equity A $ 17.58 - -0.03 0.00
Invesco Korean Equity A $ 32.87 - 0.63 0.00
Invesco PRC Equity A $ 49.85 - 1.29 0.00
Invesco Pacific Equity A $ 45.05 - 0.35 0.19
Invesco Global Technology A $ 15.52 - 0.22 0.00
Invesco UK Eqty A £ 7.98 - 0.08 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 64.04 - -1.33 0.00
Invest AD - Emerging Africa Fund $ 976.72 - 3.25 0.00
Invest AD - GCC Focus Fund $ 1502.87 - 2.62 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 59.67 - 0.68 0.00
America Equity Inc 59.67 - 0.68 0.00
Asia Acc 111.80 - 1.90 0.35
Asset Management
Asia Inc 62.02 - 1.04 0.33
Cautious Managed Rt Acc 67.51xd - -0.02 0.18
Cautious Managed Rt Inc 59.40xd - -0.02 0.18
Diversified Real Ret Acc 50.52xd - -0.11 1.07
Diversified Real Ret Inc 49.07xd - -0.11 1.08
Emerging Mkts Acc 129.50 - 1.80 0.80
Emerging Mkts Inc 55.70 - 0.79 0.80
Emrg Mkts Inc Acc... C 47.98xd - 0.40 5.52
Emrg Mkts Inc Inc... C 42.20xd - 0.36 5.72
Europe Acc 1034.00 - 7.00 1.50
Europe Inc 59.51 - 0.39 1.50
Eur Dynamic exUK Acc 159.40 - -0.10 0.82
Eur Dynamic exUK £ hdg Acc 183.50 - 1.20 0.72
Eur Dynamic exUK Inc 73.16 - -0.05 0.81
Eur Smaller Cos Acc 466.00 - 1.30 0.00
Eur Smaller Cos Inc 60.60 - 0.16 0.00
Fusion Balanced Acc 53.71 - 0.11 0.48
Fusion Balanced Inc 53.70 - 0.12 0.48
Fusion Conservative Acc 53.34 - 0.12 0.66
Fusion Conservative Inc 53.24 - 0.14 0.68
★ FINANCIAL TIMES Thursday 17 September 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Fusion Growth Acc 54.94 - 0.14 0.49 Pacific Basin Fd Cl A Initial Ser $ 2061.34 2071.01 -206.65 0.00 Dyn Europ Eq GBP Ord Inc £ 177.60 - -1.03 1.77
Fusion Growth Inc 54.94 - 0.15 0.49 UK Equity Fd Cl A Series 01 £ 2333.69 2357.37 -71.58 0.00 Dyn Europ Eq USD Ord Inc $ 166.82 - -0.97 1.31
Kames Capital VCIC (IRL) Lothbury Property Trust (UK)
Fusion Growth + Acc 56.34 - 0.17 0.49 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 China Equity EUR Ord Acc € 132.15 - -1.81 0.00
FCA Recognised Property & Other UK Unit Trusts
Fusion Growth + Inc 56.35 - 0.17 0.49 Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00 China Equity GBP Ord Acc £ 137.71 - -1.87 0.00
Absolute Return Bond B GBP Acc 1077.52 - -0.13 - Lothbury Property Trust GBP £ 1752.68 1880.36 20.87 3.30
Fusion Income Acc...C 53.08 - -0.04 2.45 China Equity USD Ord Acc $ 134.09 - -1.80 0.00
Eq Market Neutral B Acc 1019.45 - -2.28 -
Fusion Income Inc...C 50.76 - -0.04 2.47 China Equity USD Inst Acc $ 137.59 - -1.85 0.00
Eq Market Neutral Plus B Acc 1034.19 - -4.59 - Manek Investment Mgmt Ltd (1000)F (UK)
Global Allocation Acc 53.03 - 0.17 0.66 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Montello Real Estate Opportunity Fund (LUX) Global Val.Cr.Fd GBP Ord Inc £ 111.30 - -0.07 3.62
High Yield Global Bond A GBP Inc 531.39 - -0.46 3.76 Authorised Inv Funds 101 New Cavendish Street,London W1W 6XH
Global Allocation Inc 52.69 - 0.18 0.66 Regulated Global Val.Cr.Fd USD Inst Acc $ 122.85 - -0.08 0.00
High Yield Global Bond B GBP Inc 1103.99 - -0.97 4.27 Growth Fd Acc 56.77 60.06 -0.27 0.00
Global Bond exUK Acc 248.60xd - -1.00 0.76 Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00 Global Val.Cr.Fd GBP Ord Acc £ 177.25 - -0.11 0.00
Investment Grade Global Bd A GBP Inc 553.18 - -2.87 2.56
Global Bond exUK Inc 195.60xd - -0.70 0.76 Global Val.Cr.Fd USD Ord Acc $ 166.38 - -0.11 0.00
Kames Global Equity Income B GBP Acc 1106.23 - 14.81 -
Manulife Global Fund (LUX)
Global Bond Opport. Acc 49.21xd - -0.03 2.87 M & G Securities (1200)F (UK) MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 155.25 - -0.10 0.00
Kames Global Equity Income B GBP Inc 1058.44 - 14.16 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
PO Box 9039, Chelmsford, CM99 2XG FCA Recognised
Global Bond Opport. Inc 48.48xd - -0.03 2.91 www.manulife.com.hk Swiss Select Equity Inst Acc SFr 112.40 - 0.30 0.00
Strategic Global Bond A GBP Inc 1096.93 - -3.18 0.58 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
FCA Recognised MW Japan Fund PLC A $ 23.99 - 0.01 -
Global Eq Income £ hdg Acc... C 66.35xd - 0.87 3.60 Authorised Inv Funds Swiss Select Equity Ord Acc SFr 111.31 - 0.30 0.00
Strategic Global Bond B GBP Inc 622.31 - -1.79 1.08 American Growth Fund Class A F $ 29.3284 - 0.2874 0.00
MW Japan Fund PLC B $ 24.21 - 0.00 -
Global Eq Income £ hdg Inc ... C 47.79xd - 0.63 3.68 Charifund Inc 1416.63 - 11.61 4.81 US Growth USD Ord Acc $ 208.06 - 2.42 0.00
American Growth Fund Class AA F $ 1.6652 - 0.0163 0.00 MW Japan Fund PLC C $ 92.47 - 0.64 -
Global Eq Income Acc... C 68.26 - -0.23 3.65 Charifund Acc 19224.29 - 157.56 4.67 US Growth EUR Ord Acc € 199.44 - 2.32 0.00
Kleinwort Benson Bank (UK) American Growth Fund Class AA (HKD) FHK$ 10.5164 - 0.1032 0.00
Global Eq Income Inc ... C 60.12xd - 0.64 3.69 M&G Corporate Bond A Acc 61.99 - -0.36 3.10 US Growth GBP Ord Acc £ 209.34 - 2.46 0.00
14 St. George Street, Mayfair, London W1S1FE Asian Equity Fund Class A F $ 2.8024 - 0.0361 0.46
Global Equity Acc 961.40 - 10.80 0.16 Dealing and enquiries: 0800 024 2400 M&G Corporate Bond A Inc 39.18 - -0.23 3.10 Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 191.82 - 2.23 0.00
Authorised Inv Funds Asian Equity Fund Class AA F $ 0.9013 - 0.0117 0.00 FCA Recognised
Global Equity Inc 71.46 - 0.81 0.15 M&G Dividend A Inc 59.44 - 1.09 4.62 Wealthy Nat Bd EUR Inst Inc € 108.30 - -0.01 3.82
Unit Trust Manager/ACD - Host Capital
Asset Management
Asian Small Cap Equity Fund Class AA F $ 1.9335 - 0.0217 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 10.86 - 0.06 -
Asset Management
Global Financials Acc 709.70 - 9.50 0.88 Wealthy Nat Bd GBP Inst Inc £ 112.26 - -0.02 3.66
Asset Management
HC KB Capital Growth A Acc 161.29 - 1.89 1.36 M&G Dividend A Acc 595.42 - 10.91 4.45
Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.8211 - 0.0882 0.00 Morant Wright Fuji Yield EUR Dist Hedged € 10.81 - 0.06 -
Asset Management Asset Manageme
Global Financials Inc 40.36 - 0.54 0.89 HC KB Capital Growth A Inc 151.03 - 1.77 1.38 M&G Episode Growth X Inc 50.58xd - 0.43 1.84 Wealthy Nat Bd EUR Ord Inc € 107.55 - -0.01 3.58
China Value Fund Class A F $ 7.9275 - 0.1789 0.78 Morant Wright Fuji Yield GBP Acc Hedged £ 11.09 - 0.06 -
Global High Yield Bd Mth Inc C 37.82xd - -0.02 6.48 HC KB Enterprise Equity Income A Inc 107.27 - -0.63 3.78 M&G Episode Income A Acc 133.71xd - 0.62 3.66 Wealthy Nat Bd GBP Ord Inc £ 112.90 - -0.01 3.39
China Value Fund Class AA F $ 2.4816 - 0.0560 0.53 Morant Wright Fuji Yield GBP Dist Hedged £ 10.86 - 0.06 -
Global High Yield Bd Acc C 99.17xd - -0.05 6.41 HC KB Enterprise Equity Income A Acc 157.92 - -0.93 3.69 M&G Episode Income A Inc 112.15xd - 0.51 3.73 Wealthy Nat Bd USD Ord Inc $ 109.87 - -0.01 3.37
Dragon Growth Fund Class A F $ 1.8405 - 0.0453 0.69 Morant Wright Fuji Yield USD Acc Hedged $ 10.79 - 0.06 -
Global High Yield Bd Inc C 37.95xd - -0.02 6.49 M&G Extra Income A Inc 708.02xd - 5.08 4.58 New Capital Alternative Strategies
HC KB Endeavour Multi Asset Balanced A Acc 128.69 - 0.64 0.81 Morant Wright Fuji Yield USD Dist Hedged $ 10.92 - 0.06 -
Dragon Growth Fund Class AA HKDHK$ 8.8990 - 0.2196 0.66 All Weather Fd USD Cls $ 119.38 - -1.88 0.00
Global Property Secs Acc 55.03xd - 0.39 0.62 HC KB Endeavour Multi Asset Balanced A Inc 122.31 - 0.62 0.81 M&G Extra Income A Acc 5793.66xd - 41.63 4.46
Emerging Eastern Europe Fund Class AA F $ 1.2944 - 0.0261 0.54 Morant Wright Fuji Yield YEN Acc ¥ 1112.38 - 6.05 -
All Weather Fd EUR Cls € 107.33 - -1.73 0.00
Global Property Secs Inc 47.49xd - 0.33 0.61 HC KB Enterprise Fixed Income A Acc 121.93 - -0.41 3.44 M&G Global Basics A Inc 584.47xd - 5.76 0.62
Emerging Eastern Europe Fund Class A F $ 3.0145 - 0.0610 0.96 Morant Wright Fuji Yield B YEN Acc ¥ 979.45 - 5.54 -
All Weather Fd GBP Cls £ 115.84 - -1.85 0.00
Income Acc ... C 49.71xd - -0.17 6.65 HC KB Enterprise Fixed Income A Inc 108.85 - -0.37 3.44 M&G Global Basics A Acc 887.78xd - 8.74 0.57
European Growth Fund Class A F $ 10.5695 - 0.1579 1.23 Morant Wright Fuji Yield YEN Dist ¥ 1100.13 - 5.98 -
Tactical Opps USD Cls $ 135.99 - 1.61 0.00
Income Inc ... C 46.78xd - -0.16 6.67 M&G Global Dividend Fund A Acc 181.30 - 2.98 3.48
European Growth Fund Class AA F $ 0.7642 - 0.0114 0.60 Morant Wright Sakura Fund Sterling Acc Hedged £ 13.31 - 0.10 0.00
Tactical Opps EUR Cls € 114.09 - 1.33 0.00
Japan Acc 267.50 - -1.80 0.00 M&G Global Dividend Fund A Inc 144.12 - 2.37 3.55
Lloyds Investment Fund Managers Limited (1000)F (JER) Global Contrarian Fund Class AA F $ 0.8934 - 0.0105 0.00 Morant Wright Sakura Fund Euro Acc Hedged € 13.28 - 0.10 0.00
Tactical Opps GBP Cls £ 128.10 - 1.57 0.00
Japan Inc 64.39 - -0.43 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Glbl Emrgng Mkts A Acc 179.20 - 3.21 0.95
Global Property Fund Class AA F $ 0.9544 - 0.0115 0.80 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1356.73 - 10.34 0.00
Multi-Asset Inc Mth Inc ... C 63.42xd - 0.28 4.20 Other International Funds
M&G Glbl Emrgng Mkts A Inc 173.13 - 3.11 0.95
Lloydstrust Gilt £ 12.2100 - -0.0800 2.46 Global Property Fund Class AA (HKD)HK$ 8.9670 - 0.1084 - Morant Wright Sakura Fund Dollar Acc Hedged $ 13.25 - 0.10 0.00
Multi-Asset Inc Acc... C 84.08xd - 0.38 3.80 M&G Global Macro Bond Fund A Acc 104.92xd - -0.28 0.88
Lloyds Investment Funds Limited Global Resources Fund Class AA F $ 0.6395 - 0.0103 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.19 - 0.10 0.00
Multi-Asset Inc Inc... C 63.62xd - 0.28 3.89 M&G Global Macro Bond Fund A Inc 72.80xd - -0.19 0.88
Euro High Income € 1.6160 - -0.0060 2.96 Greater China Opportunities Class AA $ 0.9265 - 0.0222 0.00
Multi-Asset Macro Acc 66.89 - -0.35 0.00 M&G Global High Yield Bond X Inc 49.56xd - -0.07 4.31
European £ 7.2860 - 0.1340 1.38 Healthcare Fund Class AA F $ 1.9160 - 0.0169 0.00
Multi-Asset Macro Inc 66.90 - -0.34 0.00 M&G Global High Yield Bond X Acc 116.24xd - -0.16 4.29
High Income £ 0.8608xd - -0.0034 5.05 India Equity Fund Class AA F $ 1.2985 - 0.0029 0.00
Multi-Manager Growth Acc 702.40 - 5.70 0.47 M&G Managed Growth X Inc 73.32 - 0.77 0.71
International £ 3.8960 - 0.0620 1.11 International Growth Fund Class A F $ 4.5026 - 0.0485 0.14 Northwest Investment Management (HK) Ltd
Multi-Manager Growth Inc 655.50 - 5.30 0.48 M&G Optimal Income A Inc 142.67 - -0.11 1.94 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
North American £ 15.1000 - 0.1900 0.20 International Growth Fund Class AA F $ 1.0332 - 0.0112 0.00
Other International Funds
Natural Resources Acc 337.50 - 1.90 0.12 M&G Optimal Income A Acc 187.05 - -0.14 1.94
Sterling Bond £ 1.4620 - -0.0070 3.65 Japanese Growth Fund Class A F $ 3.2474 - 0.0103 0.61
Northwest $ class $ 2338.93 - 7.42 0.00
Natural Resources Inc 23.90 - 0.13 0.12 M&G Recovery GBP A Inc 118.49 - 1.13 0.74 Morgan Stanley Investment Funds (LUX)
UK £ 6.5880 - 0.1240 1.29 Japanese Growth Fund Class AA F $ 0.8347 - 0.0026 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
New Europe Acc 131.70 - 2.20 2.75 Lloyds Gilt Fund Limited M&G Recovery GBP A Acc 266.06 - 2.52 0.74
Latin America Equity Fund Class AA F $ 0.7120 - 0.0135 1.85 www.morganstanleyinvestmentfunds.com
New Europe Inc 31.30 - 0.51 2.71 Lloyds Gilt Fund Quarterly Share £ 1.2700 - -0.0070 1.96 M&G Strategic Corp Bond A Inc 72.50xd - -0.31 2.76 FCA Recognised
Russia Equity Fund Class AA F $ 0.4133 - 0.0073 0.00
Portfolio Acc 194.60 - 1.10 0.71 Monthly Share £ 1.2190xd - -0.0080 1.96 M&G Strategic Corp Bond A Acc 104.09xd - -0.45 2.74 US Advantage A F $ 55.99 - 0.55 0.00
Taiwan Equity Fund Class AA F $ 1.5095 - 0.0123 0.23
Sterling Corporate Bond Acc 81.76xd - -0.56 2.57 Lloyds Money Fund Limited M&G Global Leaders GBP A Inc 182.16xd - 1.87 1.39 Asian Equity A F $ 40.62 - 0.84 0.00
Sterling Class £ 52.5950 - 0.0000 0.15 Turkey Equity Fund Class AA F $ 0.6375 - 0.0149 0.00
Sterling Corporate Bond Inc 51.38xd - -0.35 2.58 M&G Global Leaders GBP A Acc 429.02xd - 4.41 1.38 Asian Property A F $ 17.32 - 0.14 0.00
Lloyds Multi Strategy Fund Limited US Bond Fund Class AA F $ 1.2048 - -0.0030 3.94
Strategic Bond Acc 68.63xd - 0.00 2.69 M&G UK Inflation Lnkd Corp Bnd A Acc 112.31 - 0.16 0.09 Asian Property AX F £ 10.33 - 0.03 0.54
Conservative Strategy £ 1.0850 - -0.0030 1.97 U.S. Bond Fund Class AA Inc F $ 0.9738 - -0.0023 3.14
Strategic Bond Inc 57.28xd - 0.00 2.70 M&G UK Inflation Lnkd Corp Bnd A Inc 110.70 - 0.16 0.09 Diversified Alpha Plus A F € 30.64 - -0.19 0.00
Growth Strategy £ 1.4480 - 0.0020 1.32 US Bond Fund Class AA (HKD) HK$ 9.8736 - -0.0239 - Oasis Crescent Management Company Ltd
UK Active Index + E Acc 273.90 - 3.80 3.13 Emerg Europ, Mid-East & Africa Eq A F € 66.36 - 0.95 0.00 Other International Funds
Aggressive Strategy £ 1.7650 - 0.0110 0.00 U.S. Bond Fund Class AA (HKD) IncHK$ 9.7052 - -0.0235 3.05
UK Active Index + E Inc 51.66 - 0.73 3.13 Emerging Markets Debt A F $ 75.03 - 0.06 0.00 Oasis Crescent Equity Fund R 9.33 - 0.08 0.00
Global USD Growth Strategy $ 1.3710 - 0.0080 0.00 M & G Securities Ltd (UK) U.S. Special Opportunities Fund Class AA F $ 0.8969 - -0.0022 7.27
UK Dynamic Acc 158.20xd - 1.40 1.49 Property & Other UK Unit Trusts Emerging Markets Domestic Debt AX F £ 10.20 - 0.00 5.78
Dealing Daily
U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 -
UK Dynamic Inc 129.30xd - 1.10 1.50 Charibond 122.95 - -0.88 5.26
Emerging Markets Equity A F $ 33.37 - 0.52 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
U.S. Special Opportunities Fund Class AA Inc $ 0.8819 - -0.0021 4.66
UK Eq & Bond Inc Acc ... C 138.00xd - 0.80 3.31 (Accum Units) 3591.95 - -25.59 5.26 Regulated
Euro Bond A F € 15.56 - -0.03 0.00
US Small Cap Equity Fund Class AA F $ 1.0907 - 0.0102 0.00 Oasis Global Investment (Ireland) Plc
UK Eq & Bond Inc Inc ... C 81.10xd - 0.48 3.38 NAACIF 73.60 - 0.55 4.69
Euro Corporate Bond AX F £ 21.64 - -0.19 1.71
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2585 - -0.0046 0.06 Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.49
(Accum Units) 6509.12 - 48.13 4.56
UK Higher Inc Acc ... C 888.70xd - 7.40 4.22 Euro Strategic Bond A F € 42.93 - -0.07 0.00
Oasis Global Equity $ 26.38 - 0.12 0.24
M&G Property Portfolio A Acc 132.22 139.17 0.00 3.61
UK Higher Inc Inc ... C 516.50xd - 4.30 4.35 European Currencies High Yield Bd A F € 21.51 - -0.01 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Property Portfolio A 122.12 128.54 0.00 3.70 Manulife Global Fund
UK Managed Equity Acc 63.92xd - 0.95 2.08 European Equity Alpha A F € 43.54 - 0.65 0.00 Oasis Crescent Global Equity Fund $ 26.75 - 0.10 0.00
Other International Funds
Lombard Odier Funds (Europe) S.A (LUX) Property Portfolio X 122.12 122.12 0.00 3.68
UK Managed Equity Inc 53.91xd - 0.80 2.11 European Property A F € 34.20 - 0.30 0.00 Oasis Crescent Variable Balanced Fund £ 10.34 - 0.02 -
www.loim.com Asia Total Return Fund Class AA $ 0.9551 - -0.0009 -
UK Smaller Cos Acc 385.50 - 0.20 0.00 Regulated Eurozone Equity Alpha A F € 11.38 - 0.13 0.00 OasisCresGl Income Class A $ 10.95 - -0.01 2.31
Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.4311 - -0.0089 -
Lombard Odier Funds
UK Smaller Cos Inc 74.85 - 0.03 0.00 M & G (Guernsey) Ltd (GSY) Asia Total Return Fund Class AA Inc $ 0.9024 - -0.0009 3.24 Global Bond A F $ 38.60 - -0.12 0.00 OasisCresGl LowBal D ($) Dist $ 11.60 - 0.01 0.00
Absolute Ret Bond (EUR) PA € 12.01 - 0.00 0.00 Regulated
UK Strategic Eq Inc Acc ... C 149.40xd - 1.40 3.62 Global Brands A F $ 93.87 - 1.92 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.74 - 0.02 0.33
The M&G Offshore Fund Range Asia Value Dividend Equity Fund Class AA F $ 1.5580 - 0.0297 0.00
Absolute Ret Bond (USD) PA $ 17.64 - 0.00 0.00
UK Strategic Eq Inc Inc ... C 97.74xd - 0.94 3.71 Corporate Bond 1304.44 1344.79 -7.66 3.08 Global Convertible Bond A F $ 42.17 - -0.05 0.00 Oasis Crescent Gbl Property Eqty $ 9.28 - 0.01 1.91
Asia Value Dividend Equity Fund Class AA Inc $ 0.9420 - 0.0179 -
All Roads (CHF) PA SFr 17.40 - 0.00 0.00
UK Strategic Gth Acc 110.50 - 0.80 1.19 Global Basics 2164.81 2231.77 21.07 0.30 Global Property A F $ 27.01 - 0.28 0.00
Strategic Income Fund Class AA F $ 1.0781 - 0.0003 4.46
All Roads (USD) PA $ 11.07 - 0.00 0.00
UK Strategic Gth Inc 103.10 - 0.70 1.20 Global Leaders 3166.97 3298.93 32.42 1.17 Indian Equity A F $ 34.53 - 0.11 0.00
All Roads (GBP) PA £ 11.30 - 0.00 0.00
US Acc 685.60 - 7.80 0.00 Global High Yield Bond 974.37 1004.50 -1.37 4.29 Latin American Equity A F $ 39.61 - 0.74 0.00
All Roads (EUR) PA € 11.22 - 0.00 0.00 Marlborough Fd Managers Ltd (1200)F (UK)
US Inc 94.90 - 1.10 0.00 Global Macro Bond Fund 10911.46 11248.92 -28.45 0.87 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Short Maturity Euro Bond A F € 20.38 - -0.02 0.00
Alpha Japan (EUR) PA F € 11.01 - 0.00 0.00 www.marlboroughfunds.com
US Equity Income Acc ... C 114.00xd - 1.30 2.21 North American Dividend Fund 149.37 155.60 1.93 2.24 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Alpha Japan (CHF) PA F SFr 13.74 - -0.01 0.00 Authorised Inv Funds
US Equity Income £ hdg Inc ... C 95.46xd - 1.17 2.26 Optimal Income Fund 141.38 145.75 -0.10 1.94 US Growth A F $ 66.47 - 0.61 0.00
Balanced 150.39 158.99 -0.01 0.05
Alpha Japan (JPY) PA F ¥ 1307.00 - -1.00 0.00 Odey Asset Management LLP (UK)
US Equity Income Inc ... C 97.29xd - 1.19 2.23 Recovery Fund Limited 'A' Participating Shares 10261.16 10688.71 96.71 0.43 US Growth AH F € 46.09 - 0.42 0.00
Bond Income 49.74 52.63 -0.19 4.92 40 Dukes Place, London, EC3A 7NH
Alpha Japan (USD) PA F $ 15.75 - 0.00 0.00
US Select Acc 106.90 - 1.40 0.00 Recovery Fund Limited 'I' Participating Shares 10269.77 10373.51 97.27 1.25 US Growth AX F £ 42.82 - 0.02 0.00 Order Desk and Enquiries: 0345 300 2106
Cash 50.00 - 0.00 0.32
Alternative Beta PA F SFr 115.21 - 0.34 0.00 Authorised Corporate Director - Capita Financial Managers
US Select Inc 105.60 - 1.40 0.00 Strategic Corporate Bond Fund 131.64 137.12 -0.56 2.74 US Property A F $ 64.15 - 1.02 0.00
Cautious Inc 81.43 85.73 -0.14 1.33 Authorised Inv Funds
Alternative Beta PA F € 77.73 - 0.23 0.00
US Smaller Cos Acc 380.40 - 4.10 0.00 UK Growth 1492.13 1554.31 13.42 1.20 Defensive A Inc 115.72 - -0.10 0.98 CF Odey Continental European GBP R Acc 707.17 - 0.78 0.19
Alternative Beta PA F $ 116.24 - 0.34 0.00
US Smaller Cos Inc 99.67 - 1.08 0.00
Emerging Markets 215.57 - 3.09 1.77 Morgens Waterfall Vintiadis.co Inc CF Odey Opus GBP R Inc 3653.56 - 16.18 0.00
Commodities (CHF) PA SFr 5.29 - 0.00 0.00
Other International Funds
ETF Global Growth A 149.45 - -2.06 0.00 CF Odey Absolute Return GBP R 313.83 - -0.97 0.00
Commodities (EUR) PA € 5.35 - -0.01 0.00 Phaeton Intl (BVI) Ltd (Est) $ 403.54 - -8.62 0.00
JPMorgan Charity Funds (UK) ETF Commodity A 70.15 - 0.50 0.00 CF Odey Portfolio Fund GBP R Inc 140.48 - -0.08 0.07
Commodities (USD) PA $ 5.53 - -0.01 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
European Multi-Cap 263.32 - -1.24 0.20
Property & Other UK Unit Trusts Convertible Bd P A € 17.26 - 0.03 0.00
UK Equity Fund for Charities I...C £ 2.744510 2.755170 0.031520 3.47 Extra Income 78.76 83.34 0.37 4.50
Convertible Bd Asia PA F SFr 13.38 - -0.02 0.00 Odey Asset Management LLP (CYM)
Bond Fund for Charities £ 1.340710 1.346790 -0.011260 3.76 Far East Growth A Inc 152.47 - 2.27 1.96 Regulated
Convertible Bd Asia PA F € 14.27 - -0.02 0.00
MFS Investment Funds (LUX) OEI Mac Inc GBP A £ 382.25 - 0.00 0.00
Global 171.21 180.25 -0.55 0.00
Convertible Bd Asia PA F $ 14.36 - -0.03 0.00 FCA Recognised
Global Bond Inc 134.45 142.27 -0.55 3.24 OEI Mac Inc GBP B £ 208.85 - 0.00 0.00
Emerg. Consumer (CHF) PA SFr 11.35 - 0.04 0.00 Blend.Research Gb.Eq.Fd. € 98.79 - 1.10 -
High Yield Fixed Interest 73.65 78.14 -0.03 5.64 OEI MAC Inc USD $ 2047.59 - 0.00 0.00
Emerg. Consumer (EUR) PA € 11.48 - 0.03 0.00 Blend.Research Gb.Eq.Fd. £ 97.43 - 1.11 - Natixis International Funds (Lux) I SICAV (LUX)
Multi Cap Income A Inc 157.61 - 0.21 4.27 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey European Inc EUR € 885.97 - 0.00 0.00
Emerg. Consumer (USD) PA $ 11.46 - 0.04 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 9957.00 - 137.00 -
FCA Recognised Odey European Inc GBP A £ 340.08 - 0.00 0.00
Blend.Research Gb.Eq.Fd. $ 98.33 - 0.94 - Nano-Cap Growth A Acc 104.1220 114.1600 -0.1300 -
Emerg.Eq. Risk Par.(EUR) PA € 7.54 - 0.02 0.00 Harris Global Equity R/A (USD) $ 254.55 254.55 1.96 0.00
Special Situations A Acc 1159.60 1227.09 3.41 0.38 Odey European Inc GBP B £ 192.98 - 0.00 0.00
Emerg. Eq. Risk Par.(USD) PA $ 5.95 - 0.01 0.00 Em.Mk.Eq.Fund Euro € 104.15 - 0.75 0.00
Harris Concentrated US Equity H-N/A (GBP) £ 135.08 135.08 1.72 0.00
GAM UK Multi-Cap Growth A Inc 231.42 244.89 1.27 0.40 Odey European Inc USD $ 408.92 - 0.00 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.81 - 0.00 0.00 Em.Mk.Eq.Fund Sterling £ 89.90 - 0.68 0.00
funds@gam.com, www.jbfundnet.com Harris Concentrated US Equity R/D (GBP) £ 95.30 95.30 1.40 36.41
Giano Capital EUR Inc € 4466.83 - 42.95 0.00
Regulated Em.Mk.Eq.Fd.US Dollar $ 89.68 - 0.50 0.00 UK Micro Cap Growth A 476.98 504.74 -0.54 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.06 - 0.03 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.78 98.78 -0.10 0.90
JB BF ABS-EUR B € 104.88 - -0.02 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7774.00 - 6.00 6.15 US Multi-Cap Income 300.86 - 3.17 0.18
Emerg.Loc.Cur.Bd.Fdt PA € 10.58 - 0.03 0.00
MFM - Third Party Funds
JB BF Abs Ret Def-EUR B € 110.43 - -0.02 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9361.00 - 18.00 6.45 Odey Asset Management LLP (IRL)
Emerg.Loc.Cur.Bd.Fdt PA $ 8.29 - 0.01 0.00
Junior Oils 67.23 71.14 0.74 0.00 Natixis International Funds (Dublin) I plc (IRL) FCA Recognised
JB BF Abs Ret EM-USD B $ 115.84 - 0.13 0.00 Gb.Conc.Eq.Fd.Euro € 262.54 - 3.45 0.00
Euro BBB-BB Fdt PA SFr 15.44 - -0.05 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Pan European EUR R € 334.06 - -0.85 0.00
Junior Gold C Acc 20.40 - -0.07 0.00
JB BF Abs Ret-EUR B € 129.56 - 0.05 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 161.14 - 2.17 0.00 Regulated
Euro BBB-BB Fdt PA € 12.26 - -0.04 0.00 Odey Allegra European EUR O € 258.87 - -0.06 0.00
MFM Artorius Fund 149.47 - 0.62 0.19 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.45 13.45 -0.02 1.13
JB BF Abs Ret Pl-EUR B € 128.31 - 0.03 0.00 Gb.Conc.Eq.Fd.Sterling £ 244.04 - 3.30 0.00
Euro BBB-BB Fdt PA £ 10.83 - -0.03 0.00 Odey Allegra International EUR O € 170.57 - -0.10 0.00
MFM Bowland 154.96 167.52 1.38 0.00 Loomis Sayles High Income R/D (USD) $ 8.90 8.90 0.01 13.86
JB BF EM Corporate-USD B $ 106.94 - -0.10 0.00 Gb.Conc.Eq.Fd.US $ 187.36 - 2.17 0.00
Euro BBB-BB Fdt PA $ 17.39 - -0.06 0.00 Odey Allegra Developed Markets USD I $ 130.07 - 0.50 0.00
MFM Hathaway Inc 103.50 108.38 0.52 1.57 Loomis Sayles Multisector Income R/D (GBP) £ 13.04 13.04 0.02 4.60
JB BF EM Infl Link-USD B $ 79.86 - 0.21 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 176.02 - 1.71 0.00
Euro Credit Bd PA F € 12.83 - -0.04 0.00 Odey European Focus Fund € 17.38 - 0.09 0.53
MFM SGWM Managed A Acc 120.42 - -0.38 0.16
JB BF EM Inv Grade-USD B $ 98.62 - 0.09 0.00 Gb.Eq.Euro Hdg Fd. € 249.51 - 2.42 0.00
Euro Government Fdt PA € 12.39 - -0.05 0.00 Odey Atlas Fund GBP I S £ 1.15 - -0.01 0.00
MFM Techinvest Special Situations Acc 134.49 - 0.98 0.01
JB Emerging (EUR)-EUR B € 330.14 - 0.22 0.00
Euro Inflation-Lk Fdt PA € 11.87 - -0.01 0.00 Gb.Eq.Fund Euro € 268.98 - 2.82 0.00 Natixis International Funds (UK)
MFM Techinvest Technology Acc 358.32 - 0.76 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey Giano European Fund EUR R € 117.13 - -0.16 0.00
JB Emerging (USD)-USD B $ 403.30 - 0.25 0.00 Gb.Eq. Fd Euro IRE T € 170.14 - 1.78 0.00
Euro Resp.Corp. Fdt PA € 18.03 - -0.08 0.00 Authorised Funds Odey Naver Fund EUR I € 124.47 - -0.26 0.00
MFM UK Primary Opportunities A Inc 313.43 - 5.10 1.41
JB BF Local EM-USD B $ 249.89 - -0.15 0.00 Gb.Eq.Fd.Sterling UK T £ 199.62 - 2.17 0.00 H2O MultiReturns Fund N/A (GBP) $ 12.53 12.53 -0.05 1.77
Europe High Conviction PA € 11.09 - 0.06 0.00 Slater Investments Ltd - Investment Adviser Odey Odyssey USD I $ 149.45 - 0.11 0.00
JB BF Total Ret-EUR B € 98.20 - 0.06 0.00 Gb.Eq.Fd.US Dollar $ 303.15 - 2.70 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.36 - 0.00 1.67
Eurozone Small&Mid Caps PA € 50.30 - 0.20 0.00 MFM Slater Growth 394.04 418.08 0.92 0.11 Odey Orion Fund EUR I € 119.61 - 0.17 0.00
JB EF Abs Ret Eur-EUR B € 120.57 - 0.02 0.00 Gb.Eq.Fund Sterling £ 197.44 - 2.15 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.01 - 0.02 0.00
Fdmt.Eq.L/S SH Sd EUR PA € 11.03 - -0.01 0.00 MFM Slater Income A Inc 163.88 - 0.37 3.77 Odey Swan Fund EUR I € 100.96 - -1.63 0.00
JB EF Euro Value-EUR B € 178.07 - 1.93 0.00 Gb.Val.Ex-Jap.Fd.USD $ 113.19 - 1.21 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.02 - 0.02 0.00
Fdmt.Eq.L/S SH Sd USD PA $ 11.06 - 0.00 0.00 MFM Slater Recovery 170.61 181.02 3.07 0.24 Odey European Absolute Return GBP S £ 100.75 - -0.83 0.00
JB EF Japan-JPY B ¥ 16649.00 - 171.00 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13379.00 - 158.00 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - -0.01 4.47
Gbl.Gvt.Fdmt PA € 10.28 - -0.02 0.00
JB EF Luxury B-EUR B € 212.34 - 2.51 0.00 Gb.Val.Fd. Euro € 122.70 - 1.40 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.02 - 0.00 4.35
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.62 - -0.01 0.00
Marlborough International Management Limited (GSY) Odey Wealth Management (CI) Ltd (IRL)
JB Ms EF Special Val. EUR/A € 134.34 - 0.98 0.80 Gb.Val.Fd.Sterling £ 109.70 - 1.30 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.35 - 0.01 0.28
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.47 - -0.08 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 www.odey.com/prices
JB Strategy Balanced-CHF/B SFr 147.24 - 0.60 0.00 Gb.Val.Fd.USD $ 99.72 - 0.98 0.00 FCA Recognised FCA Recognised
Gbl.5B Fdmt (EUR) PA € 11.63 - -0.03 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.33 - 0.01 0.49
Marlborough North American Fund Ltd £ 28.99 29.28 -0.30 0.00 Odey Opportunity EUR I € 215.46 - 1.20 0.00
JB Strategy Balanced-EUR € 151.48 - 0.54 0.00 Low Volatility Gb.Eq.Fd. € 97.55 - 0.99 -
Gbl.5B Fdmt (CHF) PA SFr 10.44 - -0.01 0.00
Marlborough Tiger Fund Ltd F £ 24.51 24.76 0.67 0.00
JB Strategy Balanced-USD/B $ 127.32 - 0.44 0.00 Low Volatility Gb.Eq.Fd. £ 96.21 - 1.01 -
Gbl.5B Fdmt SH (USD) PA $ 10.90 - -0.04 0.00 NatWest (2230)F (UK)
JB Strategy Growth-CHF/B SFr 89.87 - 0.67 0.00 Low Volatility Gb.Eq.Fd. $ 97.09 - 0.83 - PO Box 23873, Edinburgh EH7 5WJ** Omnia Fund Ltd
Generation Global (CHF) PA F SFr 12.80 - 0.16 0.00
JB Strategy Growth-EUR € 112.30 - 0.75 0.00 Marwyn Asset Management Limited (CYM) Enquiries: 0800 085 5588 Other International Funds
Generation Global (EUR) PA F € 19.21 - 0.21 0.00 Authorised Inv Funds
Regulated Estimated NAV $ 834.23 - -144.87 0.00
JB Strategy Inc-CHF/B SFr 118.40 - 0.20 0.00 Series 1(Minimum initial investment 16375,000)
Generation Global (USD) PA F $ 14.76 - 0.14 0.00 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 517.78 - -17.91 0.00
JB Strategy Inc-EUR/B € 157.77 - 0.19 0.00 Regulated United Kingdom Equity Index Fund £ 12.22 - 0.09 2.80
Global Energy (USD) PA F $ 6.62 - 0.10 0.00
JB Strategy Inc-USD/B $ 145.13 - 0.20 0.00 Absolute Return A1 € 19.52 - 0.05 0.00 UK Specialist Equity Inc £ 18.89 - -0.06 0.42
Golden Age (CHF) PA F SFr 21.54 - 0.18 0.00
Asia ex-Japan A1 $ 21.88 - 0.04 0.00 McInroy & Wood Portfolios Limited (UK)
Contl Europe Spec Equity £ 15.50 - -0.05 0.00
Golden Age (EUR) PA € 14.64 - 0.12 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Bond A1 $ 10.33 - -0.05 0.00 Authorised Inv Funds US Spec Equity Fund £ 13.09 - 0.10 0.00
Golden Age (USD) PA F $ 20.29 - 0.16 0.00
China Equity Fd A1 $ 9.01 - 0.07 0.00 Balanced Fund Personal Class Units 3780.80 - 11.90 1.96 Japan Specialist Fund X £ 9.17 - 0.01 0.00
Sh.T- Money Mkt EUR PA € 112.32 - 0.00 0.00
Continental European Eqty A1 € 16.86 - 0.13 0.00
Income Fund Personal Class Units 2325.60 - 8.10 2.96 Pacific Basin Specialist Equity Fund £ 20.87 - 0.48 0.69
Sh.T- Money Mkt CHF PA SFr 128.81 - 0.00 0.00 Optima Fund Management
Emer Mkts Debt Lo Curr Fd A1 $ 10.92 - -0.01 0.00
Emerging Markets Fund Personal Class Units 1546.40 - 23.20 2.52 UK Sovereign Bd Index Fund £ 10.91 - -0.05 2.60 Other International Funds
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
Emerging Markets Debt A1 $ 32.87 - 0.01 0.00
Smaller Companies Fund Personal Class Units 3489.00xd - 8.60 1.78 UK Specialist Equity Income Fund £ 9.62 - -0.04 3.84 Cuttyhunk Fund II Limited $ 1551.12 - -23.37 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Kames Capital ICVC (UK) Emerging Markets Eq.A1 $ 9.97 - 0.05 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.98 - -0.04 3.21 JENOP Global Healthcare Fund Ltd $ 16.53 - -0.18 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Sw.Fr.Bd(For) PA SFr 23.68 - -0.06 0.00
European Concentrated A1 € 16.95 - 0.11 0.00 Inflation Lkd Sov Bd Fund £ 12.64 - -0.03 0.67 OPTIKA Fund Limited - Cl A $ 116.49 - 0.14 -
0800 45 44 22 www.kamescapital.com Sw.Fr.Credit Bd(For) PA SFr 13.60 - -0.03 0.00 Meridian Fund Managers Ltd
Authorised Funds European Core Eq A1 € 30.14 - 0.17 0.00 Other International Funds Global Emerg Mkts Equity Fund X £ 10.55 - 0.19 0.57 Optima Fd NAV $ 92.29 - -0.78 0.00
Tactical Alpha (CHF) PA SFr 10.05 - -0.03 0.00
Diversified Income B Acc 110.36 - 0.34 5.49 Global Gold & Resources Fund $ 180.02 - -1.51 - Series 2 (Investment Management customers only)
European Res.A1 € 31.37 - 0.16 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Tactical Alpha (EUR) PA € 10.36 - -0.03 0.00
Diversified Income B Inc 101.74 - 0.31 5.70 Global Energy & Resources Fund $ 37.95 - -6.10 - United Kingdom Equity Index Fund £ 12.23 - 0.09 3.29
European Smaller Companies A1 € 49.07 - -0.04 0.00 The Dorset Energy Fd Ltd NAV $ 28.33 - -1.35 0.00
Tactical Alpha (USD) PA $ 14.90 - -0.04 0.00
Diversified Growth A Acc 130.53 - 0.27 2.83 UK Specialist Equity Inc £ 19.11 - -0.06 1.76
European Value A1 € 34.26 - 0.20 0.00 Platinum Fd Ltd $ 81.82 - -1.37 0.00
Technology PA € 13.19 - 0.11 0.00
Ethical Cautious Managed A Acc 164.18 - 0.22 1.67 Contl Europe Spec Equity £ 16.31 - -0.05 0.63
Metage Capital
Asset Management
Global Conc.A1 $ 35.00 - 0.37 0.00 Platinum Fd Ltd EUR € 15.90 - -0.27 0.00
Technology PA $ 19.98 - 0.17 0.00
Other International Funds
Ethical Cautious Managed A Inc 135.83 - 0.18 1.68 US Spec Equity Fund £ 13.67 - 0.11 0.16
Global Credit Fund $ 10.34 - -0.07 0.00 Platinum Japan Fd Ltd $ 51.91 - -1.09 0.00
Asset Management Asset Management
Wld Gold Expertise PAF SFr 8.58 - -0.07 0.00 MGS -Master Series (Est) $ 240.66 - -2.89 -
Ethical Corporate Bond A Acc 194.48 - -0.90 3.32 Japan Specialist Fund X £ 9.74 - 0.00 0.54
Global Energy Fund A1 $ 12.27 - 0.10 0.00 Optima Partners Global Fd $ 14.36 - -0.14 0.00
Wld Gold Expertise PA € 6.84 - -0.05 0.00 MEMO - Master Series $ 501.03 - -3.56 0.00
Ethical Corporate Bond A Inc 110.36 - -0.51 3.32 Pacific Basin Specialist Equity Fund £ 20.82 - 0.48 1.37
Global Equity A1 $ 43.95 - 0.33 0.00 Optima Partners Focus Fund A $ 16.44 - -0.08 0.00
Wld Gold Expertise PA $ 9.08 - -0.07 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00
Ethical Equity A Acc 172.56 - 1.19 1.28 UK Sovereign Bd Index Fund £ 11.09 - -0.05 2.60
Global Equity A1 € 24.75 - 0.28 0.00
LO Selection
High Yield Bond A Acc 115.52 - -0.13 4.07 UK Specialist Equity Income Fund £ 10.38 - -0.04 3.78
Balanced (CHF) PA F SFr 106.41 - 0.34 0.00 Global High Yield Fund $ 24.86 - -0.01 0.00
Oryx International Growth Fund Ltd
High Yield Bond A Inc 52.95 - -0.05 4.07
Global High Yield Fund € 16.08 - 0.06 0.00 Ministry of Justice Common Investment Funds (UK) Global Spec Inv Grade Bd Fund GBP £ 10.13 - -0.04 3.21 Other International Funds Asset Management
Managemen
Balanced (EUR) PA F € 123.37 - 0.30 0.00
Property & Other UK Unit Trusts
Asset Management
Investment Grade Bond A Acc 158.13 - -0.71 3.04
Asset Management Global Multi-Asset A1 $ 15.27 - 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.76 - -0.04 0.67 NAV (Fully Diluted) £ 6.45 - 0.27 0.00
Conservative (CHF) PA F SFr 103.24 - 0.00 0.00 The Equity Idx Tracker Fd Inc 1275.00 1275.00 13.00 2.85
Investment Grade Bond A Inc 115.86 - -0.52 3.04 Global Emerg Mkts Equity Fund X £ 10.20 - 0.18 0.78
Conservative (EUR) PA F € 113.32 - -0.05 0.00 Global Res.A1 $ 25.31 - 0.21 0.00 Distribution Units
Sterling Corporate Bond A Acc 69.14 - -0.34 2.95 The initial charge you will pay will depend on the amount you invest
Global Allocation (GBP) PA F £ 9.84 - -0.01 0.00 Global Total Return A1 € 16.94 - 0.11 0.00
**Address and Telephone number for series 1 only
Sterling Corporate Bond A Inc 30.88 - -0.15 2.95
Growth (CHF) PA F SFr 110.85 - 0.65 0.00 Inflation-Adjusted Bond A1 $ 13.82 - -0.10 0.00
Mirabaud Asset Management (LUX)
Strategic Bond A Acc 179.27 - -0.27 1.85 www.mirabaud.com, marketing@mirabaud.com
Growth (EUR) PA F € 132.54 - 0.63 0.00 Japan Equity A1 $ 9.67 - 0.11 0.00
Strategic Bond A Inc 119.07 - -0.18 1.85 Regulated
Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00 Latin American Equity Fd A1 $ 11.81 - 0.02 0.00
Mir. Conv. Bds Eur A EUR € 135.03 - 0.19 0.00
UK Equity Absolute Return A Acc 118.89 - -0.27 0.00
Vantage 3000 (EUR) MA € 10.32 - -0.01 0.00 Limited Maturity A1 $ 14.02 - -0.01 0.00
Mir. Conv. Bds Glb A USD $ 114.36 - 0.24 0.00 Permal Investment Mgmt Svcs Ltd
UK Equity A Acc 226.66 - 3.09 1.50
PrivilEdge Prudent Wealth Fd A1 $ 14.37 - 0.01 0.00 www.permal.com
Mir. - Eq Asia ex Jap A $ 165.12 - 2.85 0.00
UK Equity Income A Acc 199.95 - 2.27 4.48 Inc.Pt.RMB Dt.CNH PA CNH 101.36 - 0.03 0.00 Other International Funds
Research Bond A1 $ 16.49 - -0.07 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 85.84 - 1.39 0.00 Offshore Fund Class A US $ Shares
UK Equity Income A Inc 156.27 - 1.78 4.61 Inc.Pt.RMB Dt.SH CHF PA SFr 9.74 - 0.00 0.00 New Capital Fund Management Ltd (IRL)
UK Equity A1 £ 7.79 - 0.04 0.00
Mir. - Eq Global Focus A USD $ 99.86 - 0.46 0.00 Leconfield House, Curzon Street, London, W1J 5JB Investment Holdings N.V. $ 5501.67 - -210.54 0.00
UK Opportunities A Acc 162.46 - 2.63 1.42 Inc.Pt.RMB Dt.SH EUR PA € 9.81 - 0.00 0.00
US Conc.Growth A1 $ 14.79 - 0.17 0.00
Mir. -Eq Spain A € 25.62 - 0.28 0.00 FCA Recognised Macro Holdings Ltd $ 4245.42 - 47.63 0.00
UK Smaller Companies A Acc 275.07 - 1.14 0.66 Inc.Pt.RMB Dt.USD PA $ 9.87 - 0.00 0.00 New Capital UCITS Funds
US Government Bond A1 $ 16.99 - -0.07 0.00
Mir. - Eq Swiss Sm/Mid A SFr 312.65 - 1.89 0.00 Fixed Income Holdings N.V. $ 378.88 - -8.07 -
Jenn. US Eq.Opp. USD PA $ 9.46 - 0.12 0.00 Value A1 $ 21.14 - 0.30 0.00 Asia Pac Bd USD Inst Inc $ 90.61 - -0.08 3.32
Mir. - Glb High Yield Bds A $ 109.42 - -0.08 - Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Kames Capital Investment Portfolios ICVC (UK) Neubrg.Berman US Core PA $ 13.47 - 0.13 0.00 Asia Pac Bd USD Ord Inc $ 92.48 - -0.09 2.57
Mir. - Glb Eq High Income A USD $ 97.89 - 0.51 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA € 13.57 - 0.17 0.00 Asia Pac Eq EUR Ord Inc € 84.94 - -0.84 3.44
MMIP Investment Management Limited (GSY)
0800 45 44 22 www.kamescapital.com Mir. - Glb Strat. Bd A USD $ 105.40 - -0.11 0.00
Authorised Funds Sands US Growth PA $ 16.39 - 0.20 0.00 Regulated Asia Pac Eq GBP Ord Inc £ 87.91 - -0.87 3.90
Multi-Manager Investment Programmes PCC Limited Asia Pac Eq USD Ord Inc $ 88.42 - -0.88 3.27
Property Income B Acc 116.84 - 0.05 - Will.Blair Gbl. Ldrs PA € 14.93 - 0.15 0.00
European Equity Fd Cl A Initial Ser € 2472.98 2485.54 -157.41 0.00
Property Income B Inc 109.65 - 0.05 - Will.Blair Gbl. Ldrs PA $ 12.55 - 0.10 0.00 Asia Pac Eq USD Inst Acc $ 93.74 - -0.92 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 354917.00 354918.00 -19669.00 0.00
Asia Pac Eq USD Inst Inc $ 98.71 - -0.97 4.01
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1241.53 1245.22 -101.80 0.00
Dyn Europ Eq EUR Ord Inc € 167.17 - -0.96 1.40
Thursday 17 September 2015 ★ FINANCIAL TIMES 31

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

UK Long Term Corp. Bnd Inst-Inst Acc £ 18.91 - -0.12 0.00 US Premium Equities (USD) $ 197.29 - 2.44 0.00 Investments Inc Inc Ret 101.70 - -0.80 - Charity Value and Income Fund Inc 92.52 93.06 0.78 4.86 Data Provided by
UK Real Return - Inst Acc £ 23.10 - -0.06 0.00 Equity Inc Inc Inst 241.00 - 3.40 -
The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 21.56 - -0.14 0.00 Equity Inc Inc Ret 207.00 - 2.90 - www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK) Standard Life Wealth (JER)
Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 14.01 - 0.00 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Equity Inc Acc Inst 145.50 - 2.00 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
TNI Blue Chip UAE Fund * AED 10.53 - 0.02 0.00 www.veritas-asset.com
Authorised Inv Funds FCA Recognised
Unconstrained Bond - Inst Acc $ 11.96 - 0.01 0.00 N&P UK Gwth Inc Ret 162.60 - 2.00 - +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) Standard Life Offshore Strategy Fund Limited TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 11.82 - 0.16 0.00 United Kingdom Equity Index Fund £ 15.29 - 0.12 2.79 Stckmkt 100 Track Gwth Acc Inst 89.63 - 1.59 - Bridge Fund £ 1.5686 - 0.0130 2.11 MENA Hedge Fund $ 924.60 - -70.43 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.96 - -0.01 0.00 UK Specialist Equity Inc £ 18.90 - -0.05 0.42 Stckmkt 100 Track Gwth Acc Ret 166.10 - 3.00 - Diversified Assets Fund £ 1.1690 - 0.0038 3.01
MENA UCITS Fund * $ 1173.46 - -2.12 0.00
Veritas Asian Fund A USD H $ 299.02 - 3.93 0.69
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 22.90 - -0.06 0.00 UK Growth Acc Inst 284.20 - 3.50 - Global Equity Fund £ 1.7977 - 0.0184 1.13 Veritas Asian Fund A GBP H £ 358.96 - 4.66 0.51
FCA Recognised
Data as shown is for information purposes only. No
Japan Specialist Fund X £ 13.88 - 0.01 0.00 UK Growth Acc Ret 329.70 - 4.00 - Global Balanced Fund - Income Units £ 1.3127 - 0.0093 1.96 Veritas Asian Fund A EUR H € 303.11 - 6.00 0.44 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 106.08 - 0.04 0.00
US Spec Equity Fund £ 17.69 - 0.14 0.00 UK Growth Inc Ret 219.40 - 2.70 - Global Balanced Fund - Accumulations Units £ 1.5236 - 0.0108 1.93 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 141.56 - 0.82 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 123.15 - -0.40 0.00 Managed OEIC Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 36.80 - 0.85 0.71 Global Fixed Interest Fund £ 1.0076 - -0.0012 3.46 Veritas China Fund A GBP £ 146.48 - 0.84 0.00
Pictet-Agriculture-I EUR F € 183.60 - 1.83 0.00 Authorised Funds
Glob Em Shs Port Acc Ret 147.70 - 0.80 -
UK Sovereign Bd Index Fund £ 10.69 - -0.05 2.60 Sterling Fixed Interest Fund £ 0.8428 - -0.0048 3.11 TM New Court Fund A 2011 Inc £ 12.82 - -0.01 0.00 Veritas China Fund A EUR € 140.50 - 0.85 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 192.74 - 3.76 0.00 Max 70% Shs Port Acc Ret 250.40 - 0.10 -
Inflation Lkd Sov Bd Fund £ 12.88 - -0.04 0.67 UK Equity Fund £ 1.9119 - 0.0207 2.75 TM New Court Fund - A 2014 Acc £ 12.86 - 0.05 0.00 Veritas Global Equity Income Fund D USD $ 115.27 - 1.10 4.86
Pictet-Asian Local Currency Debt-I USD F $ 148.93 - 0.80 0.00 Platinum Capital Management Ltd Max 70% Shs Port Acc X 179.80 - 0.00 -
Pictet-Biotech-I USD F $ 915.65 - 11.61 0.00 Other International Funds
UK Specialist Equity Income Fund £ 9.60 - -0.04 3.84
Max 70% Shs Port Acc S 145.40 - 0.10 -
TM New Court Equity Growth Fund - Inc £ 12.90 - -0.01 0.00 Veritas Global Equity Income Fund D EUR € 199.47 - 3.29 4.12
Guide to Data
Platinum All Star Fund - A (Est) $ 117.72 - - - Global Emerg Mkts Equity Fund X £ 10.19 - 0.18 0.53 Veritas Global Equity Income Fund D GBP £ 145.11 - 1.36 4.75
Pictet-Brazil Index I USD $ 38.21 - 0.19 0.00 Investment Port Acc Ret 230.50 - -1.20 -
Platinum Global Dividend Fund - A (Est) $ 56.90 - - - Global Spec Inv Grade Bd Fund GBP £ 9.82 - -0.04 3.21 Veritas Global Focus Fund D USD $ 25.40 - 0.20 2.78 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 502.07 - -1.06 0.00 Investment Port Acc X 163.30 - -0.90 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 22.78 - 0.33 2.60 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 66.68 - -0.20 5.36 published on these pages, including prices, are for the
Pictet-China Index I USD $ 102.68 - -0.30 0.00 United Kingdom Equity Index Fund £ 15.11 - 0.12 3.29 Max 50% Shs Port Acc Ret 240.70 - -0.50 -
Platinum Essential Resources UCITs Fund $ 5.48 - -0.01 0.00 Veritas Global Focus Fund D GBP £ 27.92 - 0.21 2.42 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 79.64 - 1.03 0.00 UK Specialist Equity £ 19.11 - -0.06 1.76 Max 50% Shs Port Inc Ret 215.40 - -0.40 - as a guide. The Financial Times Limited makes no
Platinum Maverick Enhanced Fund Limited (Est) $ 98.29 - - 0.00 Veritas Global Focus Fund A GBP £ 26.91 - 0.20 2.21 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 240.24 - 3.03 0.00 Contl Europe Specialist Fund £ 23.87 - -0.07 0.62 Max 50% Shs Port Acc X 174.30 - -0.30 - Stenham Asset Management Inc Veritas Global Focus Fund A EUR € 13.25 - 0.19 2.06
and they should not be relied upon when making an
Pictet-Eastern Europe-I EUR F € 262.42 - 1.81 0.00 www.stenhamassetmanagement.com investment decision.
Japan Specialist Fund X £ 14.63 - 0.00 0.54 Max 50% Shs Port Acc S 145.90 - -0.20 -
Other International Funds Toscafund (CYM) Veritas Global Focus Fund A USD $ 24.45 - 0.18 2.34
Pictet-Em Lcl Ccy Dbt-I USD F $ 152.03 - -0.35 0.00 US Spec Equity Fund £ 18.51 - 0.15 0.16 Max 100% Shs Port Acc Ret 268.10 - 1.10 - Regulated The sale of interests in the funds listed on these pages
Stenham Asia USD $ 135.37 - -2.06 - Veritas Global Focus Fund C GBP £ 29.08 - 0.22 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 470.36 - 6.87 0.00 Max 100% Shs Port Acc X 192.40 - 0.70 - Tosca $ 301.78 - -0.43 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 36.73 - 0.84 1.37
Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00 Veritas Global Focus Fund C EUR € 23.83 - 0.35 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 209.43 - -0.24 0.00 UK Sovereign Bd Index Fund £ 10.81 - -0.05 2.60 Max 100% Shs Port Acc S 140.30 - 0.60 -
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C USD $ 26.50 - 0.20 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 105.22 - -0.09 0.00 Enhanced Inc Inc Ins 210.70 - 2.80 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.75 - -0.03 0.67
Stenham Gold USD $ 143.57 - -11.96 0.00 Veritas Global Equity Income Fund A GBP £ 139.15 - 1.31 4.78 other queries contact reader.enquiries@ft.com +44
Pictet-Emerging Markets High Dividend I USD $ 94.59 - 0.81 0.00 UK Specialist Equity Income Fund £ 10.38 - -0.04 3.78 Enhanced Inc Inc Ret 199.30 - 2.60 - (0)207 873 4211.
Polar Capital Funds Plc (IRL) Stenham Growth USD $ 228.02 - 2.78 - Veritas Global Equity Income Fund A EUR € 193.89 - 3.19 4.15
Pictet-Emerging Markets Sust Eq I USD $ 83.83 - -0.36 0.00 Regulated Global Spec Inv Grade Bd Fund GBP £ 10.10 - -0.05 3.21 Enhanced Inc Inc X 169.30 - 2.30 - The fund prices published in this edition along with
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Veritas Global Equity Income Fund A USD $ 110.98 - 1.05 4.89
Pictet-Environmental Megatrend Sel I EUR € 150.83 - 1.80 0.00 Asian Financials I USD $ 278.30 278.30 2.39 0.00 additional information are also available on the
Global Emerg Mkts Equity Fund X £ 10.20 - 0.18 0.76 Enhanced Inc Acc Inst 154.60 - 2.00 -
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund C GBP £ 162.38 - 1.53 - Financial Times website, www.ft.com/funds. The
Pictet-EUR Bonds-I F € 547.51 - -0.80 0.00 Biotechnology I USD $ 19.21 19.21 0.14 0.00 Address and telephone number for Series 5 only Managed Investments OEIC funds published on these pages are grouped together
Stenham Managed Fund USD $ 120.10 - 1.29 - Veritas Global Equity Income Fund C EUR € 225.61 - 3.72 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 141.80 - -0.59 0.00 European Income Acc EUR € 11.22 11.22 0.10 - Max 30% Shs Port Acc Ret 153.60 - -0.50 -
Stenham Multi Strategy USD $ 123.16 - 0.52 - Veritas Global Equity Income Fund C USD $ 128.70 - 1.22 -
European Ex UK Inc EUR Acc € 9.47 9.47 0.07 - Max 30% Shs Port Acc X 153.40 - -0.40 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 197.37 - -0.73 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Quadrant USD A $ 402.92 - 6.77 - Veritas Global Real Return Fund A USD $ 19.73 - 0.08 2.09 change, if shown, is the change on the previously
Financial Opps I USD $ 12.42 - 0.08 2.11 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Port Acc S 147.30 - -0.40 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 155.64 - -0.39 0.00
Authorised Inv Funds Stenham Trading Inc USD $ 116.54 - 1.77 - Regulated Veritas Global Real Return Fund A GBP £ 11.03 - 0.04 2.07 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 242.42 - -0.20 0.00 GEM Growth I USD $ 8.32 - -0.01 0.00 Max 30% Shs Inc Port Inc Ret 152.50 - -0.50 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.53 - 0.01 2.02 percentage figures (in Tuesday to Saturday papers)
Stenham Universal USD $ 458.70 - 2.19 - Veritas Global Real Return Fund A EUR € 11.63 - 0.04 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.63 - -0.05 0.00 GEM Income I USD $ 9.45 - -0.02 0.00 Max 30% Shs Inc Port Inc X 152.80 - -0.40 - International A € 294.31 - 1.86 0.00
Royal London Sustainable World A Inc 166.60 - 1.70 0.70 Stenham Universal II USD $ 170.21 - 0.74 0.00 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 119.17 - 0.02 0.00 Global Alpha I USD $ 12.58 12.58 0.10 0.00 Max 30% Shs Inc Port Inc S 146.50 - -0.40 - International B $ 378.33 - 2.37 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 87.96 92.59 -0.52 4.20 Veritas Asian Fund B USD $ 207.75 - 2.73 0.50
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.04 - -0.01 0.00 Global Convertible I USD $ 11.53 11.53 0.02 0.00 Max 60% Shs Port Acc Ret 264.20 - -0.30 - International C £ 127.28 - 0.81 0.00 Guide to pricing of Authorised Investment Funds:
Royal London European Growth Trust 106.30 111.90 0.00 0.95 Veritas Asian Fund B GBP £ 264.11 - 3.43 0.04
Max 60% Shs Port Inc Ret 210.90 - -0.20 - Stratton Street Capital (CI) Limited (GSY) (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 127.80 - 1.31 0.00 Global Insurance I GBP £ 3.96 - 0.04 0.00 International D € 273.18 - 1.73 3.11
Royal London Sustainable Leaders A Inc 449.20 - 6.80 0.86 Regulated Veritas Asian Fund B EUR € 222.72 - 4.41 0.00 Investment Management Association, 65 Kingsway,
Max 60% Shs Port Inc X 163.20 - -0.20 - Pacific A € 262.72 - 1.64 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 165.41 - 1.35 0.00 Global Technology I USD $ 22.03 - 0.25 0.00
Royal London UK Growth Trust 469.20 493.90 5.40 1.51 Japan Synthetic Warrant Yen Class ¥ 1338.29 - -272.99 0.00 Veritas China Fund B GBP £ 141.57 - 0.77 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-European Equity Selection-I EUR F € 612.91 - 4.94 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.02 11.02 0.13 - Max 60% Shs Port Inc S 144.20 - -0.10 - Pacific B $ 331.11 - 2.00 0.00
Royal London UK Income With Growth Trust 219.20 230.70 1.20 4.57 Japan Synthetic Warrant GBP Hedged Class £ 181.05 - -15.63 0.00 Veritas China Fund B EUR € 162.82 - -0.75 0.00
Managed Investments OEIC 2 OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 41.46 - 0.41 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 232.04 - 0.94 0.00 Japan Synthetic Warrant USD Class $ 14.60 - -2.67 0.00 Veritas Global Focus Fund B USD $ 17.61 - 0.13 1.70 unit trust but using a company rather than a trust
Royal London US Growth Trust 149.60 157.30 2.00 0.00 Investments Inc Port Inc Ret 161.60 - -1.80 - Global Opp.A € 137.75 - 1.11 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 116.77 - -0.51 0.00 Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.01 0.00 Additional Funds Available Japan Synthetic Warrant USD Hedged Class $ 179.37 - -16.46 0.00 Veritas Global Focus Fund B GBP £ 20.51 - 0.15 1.75
Investments Inc Port Inc X 146.50 - -1.60 - Global Opp.B $ 136.99 - 0.96 0.00
Pictet-Global Bonds-I EUR € 159.45 - 0.04 0.00 Japan Alpha I JPY ¥ 198.04 198.04 2.27 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls A A$ 118.72 - 0.47 4.00 Veritas Global Focus Fund B EUR € 15.74 - 0.23 1.65 currency, charging structure or type of holder.
£ Gov Bond Inc Inst (gross) 176.00 - -2.60 - Global Opp.C £ 170.95 - 1.51 0.00
Pictet-Global Emerging Currencies-I USD F $ 95.98 - 0.10 0.00 Japan I JPY ¥ 2001.56 - 19.92 0.00
Renminbi Bond Fund AUD Cls B A$ 120.52 - 0.37 3.73 Veritas Global Equity Income Fund B GBP £ 128.14 - 1.20 4.84
£ Gov Bond Inc Inst 144.50 - -2.00 - Sequoia Equity A € 145.22 - 0.77 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 353.03 - -1.52 0.00 North American I USD $ 17.18 17.18 0.21 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls A SFr 116.35 - 0.35 4.04 Veritas Global Equity Income Fund B EUR € 178.10 - 2.93 4.20
40 Dukes Place, London EC3A 7NH £ Gov Bond Acc Inst 145.90 - -1.30 - Sequoia Equity B $ 149.99 - 0.65 0.00
Pictet-Global Megatrend Selection-I USD F $ 220.07 - 2.09 0.00 UK Absolute Equity I GBP £ 12.42 12.42 -0.07 -
Order Desk and Enquiries: 0345 601 9610 Renminbi Bond Fund CHF Cls B SFr 116.13 - 0.34 3.79 Veritas Global Equity Income Fund B USD $ 110.13 - 1.05 4.95 Buying price: Also called offer price. The price at
Strat Bond Inc Inst (gross) 180.60 - -2.10 - Sequoia Equity C £ 167.40 - 1.06 0.00
Pictet-Greater China-I USD F $ 443.56 - 8.83 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls A CNH 124.06 - 0.15 3.46 Veritas Global Real Return Fund B USD $ 19.10 - 0.07 1.64
Authorised Corporate Director - Capita Financial Managers Strat Bond Inc Inst 149.10 - -1.30 - Includes manager’s initial charge.
Pictet-Health-I USD $ 287.47 - 3.14 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund CNH Cls B CNH 123.80 - 0.15 3.22 Veritas Global Real Return Fund B GBP £ 10.80 - 0.04 1.65
CF Ruffer Investment Funds Strat Bond Acc Inst 150.20 - -0.20 -
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 148.13 - 1.50 0.00 CF Ruffer Gold Fund C Acc 76.26 - 0.44 0.00 Renminbi Bond Fund Euro Cls B € 117.65 - 0.37 3.79 Veritas Global Real Return Fund B EUR € 12.43 - 0.04 1.46 underlying investments. The buying and selling price
Managed Investments OEIC 3
ALVA Convertible A USD $ 128.50 - -0.55 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 95.19 - -0.58 0.00 CF Ruffer Gold Fund O Acc 75.54 - 0.43 0.00 Div Inc Port Inc Ret 171.80 - 2.40 - Renminbi Bond Fund GBP Cls B £ 119.53 - 0.38 3.57 trust are the same.
European Conviction A EUR € 151.30 - 0.23 0.00
Pictet-Indian Equities-I USD F $ 430.02 - 2.19 0.00 Equity & General C Acc 378.19 - -1.68 0.25 Corp Bond Acc Inst (gross) 210.00 - -1.40 - Renminbi Bond Fund SGD Cls B S$ 118.51 - 0.38 3.54
European Forager A EUR € 182.26 - 1.53 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 15506.91 - 125.89 0.00 Equity & General C Inc 348.81 - -1.76 0.25 Corp Bond Inc Inst 141.40 - -1.00 - Renminbi Bond Fund USD Cls B $ 118.93 - 0.38 3.33 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 9130.78 - 85.73 0.00 Equity & General O Inc 347.65 - -1.57 0.00 Corp Bond Acc Inst 142.80 - -1.00 - Renminbi Bond Fund YEN Cls B ¥ 13127.05 - 42.13 0.00 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD € 281.12 - -2.13 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 13710.93 - 106.76 0.00 Polunin Capital Partners Ltd Equity & General O Acc 374.68 - -1.68 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 163.97 - 0.53 3.58 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order Desk and Enquiries: 0345 608 0950 Real Return Asian Fund GBP £ 299.56 - -2.67 0.00
Pictet-LATAM Index I USD $ 51.17 - 0.34 0.00 Bal Intl Track Acc Ret 256.50 - 1.40 - Exit Charges: The letter E denotes that an exit charge
European C Acc 509.53 - -2.84 0.24 Renminbi Bond Fund GBP Cls A £ 159.31 - 0.51 3.82 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR $ 296.18 - -2.28 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 106.54 - 0.00 0.00 Bond Mthly Inc Acc Ret 142.60 - -0.50 - ACD Capita Financial Mgrs
European O Acc 504.84 - -2.84 0.00 Renminbi Bond Fund SGD Cls A S$ 156.97 - 0.51 3.79 manager/operator for full details.
Luxcellence Em Mkts Tech $ 833.41 - 31.93 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 310.30 - -5.84 0.00 Bond Mthly Inc Inc Ret 91.87 - -0.36 - Trojan Investment Funds
Japanese Fund C Acc 172.80 - -2.71 0.00 Renminbi Bond Fund YEN Cls A ¥ 19431.82 - 62.97 0.00 Time: Some funds give information about the timing of
Polunin Developing Countries $ 715.66 716.66 0.46 0.00 Spectrum Fund 'O' Acc ♦ 155.22 - -0.22 0.29
Pictet-Premium Brands-I EUR F € 152.87 - 1.42 0.00 Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 170.98 - -2.70 0.00 Renminbi Bond Fund EUR Cls A € 108.20 - 0.34 4.04
Polunin Discovery - Frontier Markets $ 1405.62 - 6.81 0.00 Spectrum Fund 'O' Inc ♦ 151.30 - -0.21 0.29 waverton.investments@citi.com manager’s/operator’s name is the valuation point for
Pictet-Quality Global Equities I USD $ 128.68 - 1.19 0.00 Pacific C Acc 288.00 - -0.88 0.58 Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1270.52 1286.40 30.42 0.00 Spectrum Income Fund 'O' Acc 94.60 - -0.25 -
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 48.90 - -0.04 0.00 Pacific O Acc 285.06 - -0.89 0.27 Waverton Asia Pacific A USD $ 17.76 - 0.31 1.16
Authorised Inv Funds trust/OEIC name.
Spectrum Income Fund 'O' Inc 94.60 - -0.25 -
Pictet-Russian Equities-I USD F $ 40.61 - 0.00 0.00 Total Return C Acc 390.37 - -4.19 1.29 Santander Premium Fund (OEIC) Waverton Global Bond Fund Cls A $ 8.79 - 0.01 5.51
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 249.59 - 1.00 0.45 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 196.41 - 2.41 0.00 A Shares Waverton Global Equity Fund A GBP £ 13.52 - 0.15 0.39 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated Total Return C Inc 270.68 - -5.20 1.30
Europe (ex-UK) 271.60 - 1.30 - Trojan Fund O Inc ♦ 207.05 - 0.82 0.45 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 106.22 - 0.51 0.00 Monument Growth 08/09/2015 £ 468.88 474.12 -0.27 1.08 Total Return O Inc 268.04 - -5.16 1.30 Waverton UK Fund A GBP £ 13.04 - 0.23 1.90 the valuation point, a short period of time may elapse
Japan Equities 145.90 - 0.10 - Trojan Global Equity O Acc 204.92 - 2.54 0.95 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1084.50 - 4.95 0.00 Total Return O Acc 386.71 - -4.18 1.29 Waverton Equity Fund A GBP £ 14.19 - 0.04 0.00
letter H denotes that the managers/operators will
Pacific Bas (ex-Japan) 480.00 - 7.00 - Trojan Global Equity O Inc 174.55 - 2.16 0.95
Pictet-ST.MoneyMkt-I € 140.50 - 0.00 0.00 Waverton Sterling Bond Fund A GBP £ 9.49 - 0.00 5.48 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL)
Trojan Income O Acc ♦ 263.43 - 2.39 3.83 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101536.85 - -0.25 0.00 Sterling Bonds 261.60 - -1.90 - E.I. Sturdza Strategic Management Limited (GSY)
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Regulated UK Equities 262.10 - 3.20 - Regulated Trojan Income O Inc ♦ 166.86 - 1.51 3.95 levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.48 - 0.00 0.00
Nippon Growth Fund Limited ¥ 100017.00 - 918.06 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 153.30 - 1.59 3.99 US Equities 253.20 - 3.10 -
Pictet-ST.MoneyMkt-IUSD $ 135.11 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 187.96 - 2.45 0.00 B Shares Strat Evarich Japan Fd Ltd JPY ¥ 91764.00 - 3056.00 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 145.45 - -0.07 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 115.41 - -0.57 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 139.63 - 1.68 0.00 Pacific Bas (ex-Japan) 479.30 - 6.90 - Strat Evarich Japan Fd Ltd USD $ 908.40 - 30.05 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 113.32 - -0.15 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 134.98 - 0.14 0.00 S W Mitchell Capital LLP (CYM) www.ubs.com/retailfunds
Authorised Inv Funds Investors can be given no definite price in advance of
Pictet Total Ret-Divers Alpha I EUR € 104.02 - -0.06 0.00 Purisima Investment Fds (UK) (1200)F (UK) Regulated Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL)
the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 333.17 - -22.51 - 19 Rutland Square, Edinburgh EH1 2BB Regulated OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 108.72 - -0.13 0.00 Order Desk and Enquiries: 0345 922 0044 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1066.95 - -4.39 0.00 Global Emerg Mkts Eqty B Acc £ 1.23 - 0.02 1.83 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 228.99 - -6.11 - particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 113.82 - 0.96 0.00 Authorised Inv Funds Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1254.86 - -5.14 0.00 Global Optimal B Acc £ 0.94 - 0.01 0.68 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 323.00 - -25.58 - Authorised Inv Funds
Pictet-US Equity Selection-I USD $ 183.80 - 2.29 0.00 UBS UK Opportunities Fund B Acc £ 0.86 - 0.01 3.08 obtained free of charge from fund
Global Total Fd PCG A 156.83 - 2.05 0.37 Saracen Growth Fd Alpha Acc £ 3.61 - 0.01 0.99 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 98388.00 - -404.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 147.18 - -0.08 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 82456.00 - -322.00 0.00 US Equity B Acc £ 1.44 - 0.02 0.30 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 155.50 - 2.03 0.13 Saracen Growth Fd Beta Acc £ 5.75 - 0.01 1.48
Pictet-USA Index-I USD F $ 174.23 - 2.21 0.00
S W Mitchell Capital LLP (IRL) Regulated
Global Total Fd PCG INT 153.55 - 2.00 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.12 - 0.01 3.05 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 80167.00 - -329.00 0.00 UBS S&P 500 Index C Acc £ 0.51 - 0.01 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund
Pictet-USD Government Bonds-I F $ 630.47 - -4.64 0.00 number of lines published and the classification of the

Asset Management
SWMC European Fund B EUR € 15471.06 - 139.26 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.04 - 0.01 2.79 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 53370.00 - -217.00 0.00 UBS Targeted Return B Acc £ 1.24 - 0.01 1.25
Yuki Mizuho Japan Dynamic Growth ¥ 6567.00 - 51.00 0.00 fund. Please contact data@ft.com or
Pictet-USD Short Mid-Term Bonds-I F $ 129.27

Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58

-

-
-0.18 0.00

0.00 0.00
Purisima Investment Fds (CI) Ltd (JER)
SWMC UK Fund B

SWMC Small Cap European Fund B EUR € 13658.90

£ 12081.73 -

-
35.58 0.00

-3.40 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.39 - 0.01 3.43 Strategic China Panda Fund USD $ 2057.96

Strategic China Panda Fund Hedged EURO € 2003.63

-

-
-7.13 0.00

-7.15 0.00 UBS Multi Asset Income B Inc (net) £

Asset Management
UBS Sterling Corporate Bond Indexed Fund 50.42

0.49
-

-
-0.38 3.33

0.00 3.66
Yuki Mizuho Japan Large Cap ¥ 6554.00 - 68.00 0.00 Asset Management
call +44 (0)20 7873 3132 for further information.

Regulated Saracen Global Income and Growth Fund -Dist # £ 1.23 - 0.02 2.82 Yuki Japan Low Price ¥ 25808.00 - -90.00 0.00
Pictet-Water-I EUR F € 259.17 - 3.32 0.00 PCG B X 157.55 - -1.17 0.00 SWMC Emerging European Fund B EUR € 8633.33 - 34.61 0.00 Strategic China Panda Fund Hedged Sterling £ 2028.60 - -7.26 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.91
Saracen UK Income Fund - Acc £ 1.02 - 0.00 - Yuki Japan Value Select ¥ 12396.00 - 5.00 0.00
PCG C X 155.42 - -1.15 0.00 Strategic Euro Bond Accumulating Class CHFSFr 986.50 - -1.86 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
Saracen UK Income Fund - Dist £ 1.01 - 0.00 -
Pimco Fds: Global Investors Series Plc (IRL) . Strategic Euro Bond Institutional Class EUR € 1009.87 - -1.88 0.00 UBS Global Allocation (UK) B Acc £ 1.05 - 0.01 1.87 YMR N Growth ¥ 16090.00 - 121.00 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH For Save & Prosper please see Countrywide Assured Yuki Asia Umbrella Fund
Strategic Euro Bond Fund Accumulating Class Shares € 1133.10 - -2.12 0.00 UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 -
http://gisnav.pimco-funds.com/ Putnam Investments (Ireland) Ltd (IRL)
Regulated Yuki Japan Rebounding Growth Fund JPY Class ¥ 22568.00 - 146.00 0.00
Dealing: +44 20 3640 1000 Strategic Euro Bond Fund Distributing Class Shares € 1022.63 - -1.91 2.91 UBS US Growth Fund B Acc £ 1.44 - 0.02 0.00
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1015.44 - -1.22 4.30 Schroder Property Managers (Jersey) Ltd Yuki Japan Rebounding Growth Fund USD Hedged Class $ 906.17 - 5.68 -
Strategic Global Bond RMB Acc $ 1056.77 - -6.38 0.00 UBS Emerging Markets Equity Income B Inc £ 0.37 - 0.00 6.05
FCA Recognised Other International Funds
Asia Local Bond Fund - Inst Acc $ 9.30 - 0.00 0.00 Strategic Global Bond USD Acc $ 1038.92 - -4.37 0.00
Indirect Real Estate SIRE £ 130.67 136.64 0.17 3.09
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) Strategic US Momentum and Value Fund $ 828.68 - 12.12 0.00 Zadig Gestion (Memnon Fund) (LUX)
Capital Securities Inst Acc $ 14.91 - -0.03 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Unicapital Investments (LUX)
PO Box 9948, Chelmsford, CM99 2AG FCA Recognised
Strategic US Momentum & Value Fund USD I Class $ 549.70 - 8.04 0.00 Regulated
Commodity Real Return Fund Inst Acc $ 6.44 - -0.01 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated Memnon European Fund I GBP £ 109.23 - 0.39 0.00
Scottish Friendly Asset Managers Ltd (UK) Investments III € 27.41 - 0.58 0.00
Authorised Inv Funds RobecoSAM Sm.Energy/A £ 10.65 - 0.10 1.37 Strategic US Momentum and Value EUR Hedged Class EUR € 579.18 - 8.53 0.00
Credit Absolute Return Fund Inst Acc $ 11.30 - 0.00 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Blue Chip Income Inc 147.68 152.48 1.95 4.49 Authorised Inv Funds Investments IV - European Private Eq. € 292.33 306.94 2.23 -
RobecoSAM Sm.Materials/A £ 116.26 - 0.84 2.10 Strategic US Momentum and Value CHF Hedged Class CHFSFr 577.44 - 8.53 0.00
Diversified Income - Inst Acc $ 19.34 - -0.03 0.00
Blue Chip Income Acc 220.17 227.09 2.91 4.36 Managed Growth ♦ 233.30 - 1.40 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Gl.Small Cap Eq/A £ 75.97 - 0.72 1.78
Diversified Income Durat Hdg Fund Inst Acc $ 11.36 - 0.02 0.00 Regulated
Ethical Bond Inc 90.20 92.20 -0.34 5.33 UK Growth ♦ 254.10 - 1.50 0.00
RobecoSAM Sustainable Gl.Eq/B € 172.94 - 1.90 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.50 - -0.01 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Ethical Bond Acc 170.92 174.36 -0.65 5.22 RobecoSAM S.HealthyLiv/B € 172.84 - 1.68 0.00 50 Bank Street, Canary Wharf, London E14 5NT Unicorn Asset Management Ltd (UK)
Emerging Asia Bond Fund Inst Acc $ 9.47 - 0.01 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Global Opportunities Acc 133.88 138.08 1.19 0.12 Admin: 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM S.Water/A £ 158.59 - 1.78 2.37 SIA (SIA Funds AG) (LUX) Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Emerging Local Bond - Inst Acc $ 10.75 - 0.02 0.00 Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds
Income Inc 853.06 882.55 7.91 4.06 Regulated
Authorised Inv Funds UK Growth A Inc 406.64 - 1.46 0.00
Emerging Markets Bond - Inst Acc $ 37.81 - 0.05 0.00 LTIF Classic € 320.14 - 3.13 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.76 - 0.00 0.00
Income Acc 1296.41 1339.78 12.02 3.88
LTIF Natural Resources € 70.05 - 0.36 0.00
THS Growth & Value Funds
International
Mastertrust A Inc X F 355.38 - 2.05 0.00 Money Market
Multi Asset Enhanced Growth Acc 117.49 - 0.53 0.00
UK Growth B Inc 409.36 - 1.46 0.23
Emerging Markets Curr.Fd- Inst Acc $ 11.71

Euro Bond - Inst Acc € 22.38

-

-
0.02 0.00

-0.08 0.00
Multi Asset Strategic Growth inc 145.30 - 0.38 1.41
LTIF Stability A ACCU € 161.67 - 0.33 - IGV - Inc A

IGV - Inc B
322.60

322.20
-

-
2.80 2.41

2.80 1.59 Mastertrust B Inc X F 320.45 - 1.84 0.40

Trusts and
Multi Asset Strategic Growth acc 153.55 - 0.40 1.40
Euro Credit - Inst Acc € 14.61 - -0.05 0.00
Multi Asset Total Return inc 125.49 - -0.13 1.88 SIA (SIA Funds AG) (CH)
IGV - Acc X 394.20 - 3.40 1.88 Outstanding British Cos A Acc X F 243.05 - 0.09 0.45
Bank Accounts Gross
Euro Income Bond - Inst Acc F € 12.90 - -0.03 0.00 IGV - Acc Y 422.50 - 3.70 2.37 Outstanding British Cos B Acc X F 253.53 - 0.10 1.16
Other International Fds Gross Net AER Int Cr
Multi Asset Total Return acc 137.50 - -0.15 1.86
Euro Long Average Duration - Inst Acc € 20.97 - -0.29 0.00 LTIF Stability Growth SFr 191.10 - -2.80 - IGV - Acc Z 391.70 - 3.40 1.60 UK Smaller Cos A Inc X F 443.72 - -1.95 0.08
Recovery Inc 423.04 438.62 1.55 2.35
Euro Low Duration Fund Inst Acc € 11.24 - -0.01 0.00 LTIF Stability Inc Plus SFr 169.70 - -2.50 6.13 European UK Smaller Cos B Inc X F 436.40 - -1.90 0.77 CCLA Investment Management Ltd
Recovery Acc 502.21 520.26 1.84 2.32 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Real Return - Inst Acc € 13.15 - -0.03 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc S 267.30 - 1.60 - UK Income A Acc X F 264.42 - 0.35 5.93
Strategic Bond Ret Acc £ 1.18 1.19 0.00 4.24 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 EGV - Acc Z 267.30 - 1.60 0.83 UK Income A Inc X F 239.60 - 0.31 6.17
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 Smith & Williamson Investment Management (1200)F (UK)
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.29 Authorised Funds
Euro Ultra Long Duration - Inst Acc € 27.39 - -0.67 0.00 Santander Atlas Range 25 Moorgate, London, EC2R 6AY 020 7131 8100 Continental UK Income B Acc X F 280.36 - 0.37 5.89 CCLA Fund Managers Ltd
www.sandwfunds.com CGV Acc S 109.90 - 0.90 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Advantage - Inst Acc $ 12.08 - -0.02 0.00 Santander Atlas Inc Port Acc Inst 286.00 - 0.50 - UK Income B Inc X F 254.16 - 0.33 6.13
Authorised Inv Funds COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Santander Atlas Inc Port Inc Inst 223.20 - 0.40 - CGV Acc X 109.10 - 0.90 -
Global Advantage Real Return Fund Inst Acc $ 8.45 - -0.03 0.00 European Growth Trust A Class 503.60 - 2.80 0.74
Santander Atlas Port 3 Acc Ret 147.00 - -0.10 - CGV Inc A £ 1.10 - 0.01 -
Global Bond - Inst Acc $ 27.60 - -0.09 0.00 Far Eastern Income and Growth Trust A Class 390.70 - 1.40 3.32 Value Partners Hong Kong Limited (IRL)
Santander Atlas Port 3 Inc Ret 101.80 - -0.10 - CGV Inc B £ 1.10 - 0.01 - www.valuepartners.net, fis@vp.com.hk
Global Bond Ex-US - Inst Acc $ 19.24 - -0.05 0.00 Fixed Interest Trust A Class 120.70xd - -0.90 3.39
Regulated
Global Fundam.Index StocksPLUSInst Acc $ 10.73 - 0.11 0.00 Santander Atlas Port 3 Acc Inst 161.50 - 0.00 - Global Gold and Resource Trust A Class 123.40 - -0.50 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.92 - 0.20 0.00
Global High Yield Bond - Inst Acc $ 20.18 - -0.01 0.00 Santander Atlas Port 4 Acc Ret 177.60 - -0.10 - MM Endurance Balanced Fund A Class 208.80 - -0.10 1.21 The Hartford International Funds (IRL)
Robeco Asset Management (LUX)
Regulated
Value Partners Classic Equity Fund CHF HedgedSFr 11.47 - 0.24 0.00
Global Investment Grade Credit - Inst Income $ 12.19 - -0.05 3.61 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 4 Inc Ret 127.60 - -0.10 - MM Global Investment Fund A Class 2103.00 - 11.00 1.84
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1576.76 - -5.20 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.57 - 0.23 0.00
www.robeco.com/contact Santander Atlas Port 4 Acc Inst 161.20 - -0.10 -
Global Investment Grade Credit Fund Inst Acc € € 11.41 - -0.04 0.00 North American Trust A Class 1647.00 - 20.00 0.00
FCA Recognised UK Corporate Bond £ 1548.21 - -9.73 0.00 Value Partners Classic Equity Fund GBP Hedged £ 11.83 - 0.25 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.51 - -0.07 0.00 Santander Atlas Port 5 Acc Ret 187.00 - 0.20 - Oriental Growth Fund A Class 138.60 - 1.40 1.09
Asia-Pacific Equities (EUR) € 125.01 - 0.68 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.81 - -0.10 0.00
Gilt £ 1570.14 - -13.34 0.00
Global Multi-Asset - Inst Acc $ 14.27 - 0.03 0.00 Santander Atlas Port 5 Acc Inst 158.60 - 0.20 - UK Equity Growth Trust A Class 417.00 - 2.30 0.66
Chinese Equities (EUR) € 70.07 - 0.77 0.00 Value Partners Classic Equity USD Hedged $ 13.42 - 0.27 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.33 - 0.01 0.00
Global Real Return - Inst Acc $ 17.91 - -0.09 0.00 Santander Atlas Port 6 Acc Ret 253.50 - 0.30 - UK Equity Income Trust A Class 222.00 - 3.10 6.20
Em Stars Equities (EUR) € 161.76 - 2.36 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 8.96 - -0.11 -
Global Eq (ex Japan) Class HJ4 ¥ 1.39 - 0.02 0.00
Income Fund Inst Acc $ 12.25 - 0.01 0.00 Santander Atlas Port 6 Acc X 181.00 - 0.30 -
Emerging Markets Equities (EUR) € 134.96 - 1.35 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.60 - -0.11 -
Global Eq (ex Japan) Class JP5 ¥ 1.50 - 0.02 0.00
Inflation Strategy Fund Inst Acc $ 8.76 - -0.01 0.00 Santander Atlas Port 6 Acc Inst 155.80 - 0.20 -
Flex-o-Rente (EUR) € 108.95 - -0.42 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund USD Class A Unhedged $ 8.63 - -0.11 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.37 - 0.01 0.00
Low Average Duration - Inst Acc $ 14.75 - -0.01 0.00 Santander Atlas Port 7 Acc Ret 195.70 - 0.20 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Glob.Consumer Trends Equities (EUR) € 145.50 - 1.45 0.00
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.33 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.68 - 0.02 0.00 Santander Atlas Port 7 Acc Inst 155.20 - 0.20 -
High Yield Bonds (EUR) € 125.23 - -0.14 0.00
S&W Deucalion Fd (OEIC) 2078.00 - -14.00 0.24 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.30 - -0.01 0.00
Authorised Inv Funds
StocksPLUS{TM} - Inst Acc $ 22.34 - 0.28 0.00 Lux -O- Rente (EUR) € 138.57 - -1.09 0.00
Max 70% Shs Acc Ret 163.10 - 0.60 - S & W Magnum 367.40 388.60 3.70 1.94 Japan Equity Index Fund ¥ 1.01 - 0.01 0.00
Total Return Bond - Inst Acc $ 26.91 - -0.12 0.00 New World Financials (EUR) € 50.88 - 0.60 0.00
Max 70% Shs Inc Ret 138.20 - 0.60 - S & W Marathon Trust 184.50 195.20 1.00 1.92 Japan Equity Class JP3 ¥ 1.22 - 0.01 0.00
UK Corporate Bond - Inst Acc £ 17.13 - -0.06 0.00 US Premium Equities (EUR) € 176.59 - 2.17 0.00
Investments Inc Acc Ret 153.20 - -1.20 - Charity Value and Income Fund Acc 135.80 136.60 1.10 4.72
32 ★ FINANCIAL TIMES Thursday 17 September 2015

MARKETS & INVESTING

INSIGHT Equities

Ed
Morse Bridgewater defends risk parity strategy
Hedge fund rejects claims
that technique made stock
Time of reckoning for market ructions worse
shale after first phase ROBIN WIGGLESWORTH — NEW YORK
Hedge fund group Bridgewater has
industry expand, but recent perform-
ance has been poor, with Bridgewater’s
flagship $80bn All-Weather risk parity
fund losing 4.2 per cent in August.
Furthermore some analysts and
investors have argued that risk parity
ratcheting down exposure in response
to market turbulence exacerbated last
“Relative to the size of global asset
$80bn ment vehicles were a more likely culprit
markets, the amount of money being for the turmoil than risk parity. It also
managed and moved around through Size of stressed that the All-Weather fund did
Bridgewater’s
risk parity is a drop in the bucket,” the
report said.
Other risk parity performers have
‘All-Weather’ risk
parity fund
not adjust allocations according to
spurts in volatility.
“We also understand that some man-
fought back against this charge, arguing
that analyst estimates of their contribu-
4.2 %
Proportion of
agers tend to sell assets when prices fall
and buy them when prices rise because

of capital indiscipline defended one of its most successful

investment strategies after coming
under fire for allegedly exacerbating
recent stock market ructions.
The “risk parity” strategy pioneered
month’s stock market sell-off.
A Bridgewater report by Mr Dalio and
his main lieutenants has sought to dis-
pel many of the concerns surrounding
risk parity and the All-Weather fund.
tion to the August’s turmoil was based
on misunderstandings of the industry’s
asset allocations, leverage and propen-
the flagship
fund’s losses
during August
they believe that changes in volatility
will persist and volatility tends to rise
when prices fall,” the paper said. “We do
sity to sell in response to short-term the opposite, because we want to rebal-
increases in volatility. ance to achieve a constant strategic asset

N
orth American capital markets are replacing
Opec as the “central banker” of oil, bearing the
responsibility for balancing oil markets. With
the producers’ cartel no longer setting mar-
ginal supply, capital markets are providing or
withdrawing liquidity, and shaping supply in the process.
Following the Opec meeting last November, market
observers searching for a production response to lower
prices were focused on marginal output in places such as
Russia, Colombia, Mexico, the North Sea and the US. But
production has not capitulated as many expected.
With support from depreciating currencies and accom-
modative tax adjustments, production in key countries
once thought vulnerable has held up. In spite of sanctions
imposed by the west on Moscow and Russian companies,
the depreciation of the rouble has resulted in a boost to
production, as just about all operating and development
costs are denominated in local currency.
In spite of warnings that Russian production would fall
more than 500,000 barrels per day in 2015 and 1m b/d by
2017, it has risen 200,000 b/d this year and is expected to
continue rising for the next three to five years. In Colom-
bia, where production was expected to decline as much as
250,000 b/d by year-end, lower taxes are giving a boost to
production. Other than in Mexico, non-Opec output else-
where has not rolled over either, at least not yet.
This leaves US shale as the main focus in the search for
production declines. And here, where currency and tax
relief are scarce, scepticism about the viability of produc-
tion has been abundant, especially given perceived high
costs and high well-level decline rates. But year-to-date
production remains robust. And as technology and proc-
ess improvements show few signs of slowing, there is a gen-
eral consensus that a significant part of the US shale play is
economic not just at prices below $65 per barrel but even
below $45.
Falling costs, too, have bol-
stered shale’s position. But
Consolidation
even though the underlying of the best assets
economics are improving, the
financial positions of produc-
should generate
ers are rapidly deteriorating a healthier
as low prices cascade through
balance sheets.
US industry
Shale is uniquely sensitive
to financial stress because it is uniquely dependent on cap-
ital markets. Every year since 2010 the US upstream sector
has outspent the cash flows it generates, creating a “fund-
ing gap” that has to be filled in order for the sector to
increase production.
Until now shale’s funding gap has been easy to plug
because the sector has been a darling of risk capital provid-
ers in an era of quantitative easing. In a world of $100 oil
and interest rates at or near zero, it is no surprise that capi-
tal chased what looked like attractive returns, taking on
greater risk than perhaps many realised, but generating a
90 per cent expansion in US production since the start
of the decade.
Undoubtedly if costs of capital were higher and risks bet-
ter accounted for by markets, US production growth
would have been far less than the 1m b/d that actually took
and popularised by Bridgewater and its The hedge fund group estimated the “It doesn’t make sense to rebalance allocation mix.”
founder, Ray Dalio, invests passively in size of the overall industry at $400bn, constantly; it incurs a lot of costs,” said On the subject All-Weather’s lacklus-
a range of financial assets according to compared with some estimates of Yazann Romahi, head of quantitative tre returns, Bridgewater pointed out
their mathematical volatility rather $500bn-$600bn, and argued that many strategies at JPMorgan Asset Manage- that the strategy would occasionally
than old-fashioned allocations, often participants — including Bridgewater — ment. underperform other investment tech-
using leverage to enhance fixed income did not adjust their allocations in In its paper Bridgewater said the exact niques, and said it had “obsessed” over
returns to ensure they contribute response to sharp rises in volatility and strategy pursued by risk parity funds the danger that it could do so over an
equally to equities. could not therefore have contributed to varied, but it indicated that other vola- extended time period, but argued it was
Its long-term success has helped the the turbulence. tility-targeting strategies and invest- still the best long-term strategy.
Analysis. Currencies
EM optimists eye change of forex fortunes
Some market participants EM currencies - positive or
say a sense of ‘exhaustion’ is negative?
Rebased
setting in after sharp falls
EM currency performance 250
based on spot returns and
ROGER BLITZ interest rate differentials
Enough, surely. The currencies of 200
emerging markets cannot go any lower,
can they? Day after day they have hit
record lows against the dollar, forcing 150
hasty revisions to analysts’ forecasts.
Last week Turkey’s lira broke through
the TL3 mark and it has fallen 15 per 100
cent in four months. South Africa’s rand
fell below R13 last month. Its drop since JP Morgan EM index
mid-May is 12.5 per cent. And the real, based on spot returns 50
Brazil’s currency, is tipped by some ana-
lysts to be heading for R$4.40 after last
2000 05 10 15
week flirting with R$4 to the dollar. How volatility influences EM
But some market participants are carry trade
tempted to wonder about the EM cur- EM carry index* EM volatility index
rency decline bottoming.
After all, one of the drivers for the 160 35
sharp falls this year has been anticipa- 150 30
tion of the moment the Federal Reserve
raises rates — which, even if delayed by 140
25
today’s Fed meeting, is getting closer. 130
Two other factors underpin the view 20
that a bottom may be coming. One is 120
that many EM currencies are underval- 15
110
ued. Bernd Berg at Société Générale
100 10
thinks that while they have further to
fall and considerable turbulence is 90 5
likely in the coming weeks, the turn of
2006 09 11 13 15
the year might offer “tremendous
*Basket of long TRY, ZAR, BRL, MYR, RUB and
opportunities” to invest in EM units. short USD
“Valuations would look historically Sources: Record Currency Management; PBoC;
cheap if we would fall another 10 to 15 JP Morgan; Bloomberg

place for three years running. Capital indiscipline com-
bined with the exploitation of productive rocks have been
the prime movers of US production growth.
The time of reckoning has come. Just as capital markets
enabled the expansion of shale, they will shape its ration-
ing. Weaker producers look exposed to distress. The cost of
capital is rising — and for riskier borrowers it is rising
sharply. Capital availability is contracting: high-yield mar-
kets are closed, loan markets are drying up and important
reserved-based lending facilities are due for cuts in the
autumn. It is conceivable that US production will fall as
much as 500,000 b/d by this winter, half from shale and
the rest from conventional output.
Some companies will not avoid a painful cleansing, but
there is good news for the longer term. Many of the sector’s
underlying assets are fundamentally competitive in the
global oil markets and are becoming more so every year as
technology and innovation race ahead. After a shakeout,
consolidation of the best assets by the strongest producers
should generate a healthier, more sustainable industry.
The question for shale’s “phase two” then becomes:
will capital discipline prevail, or will markets repeat their
mistakes and cement shale’s role as a perpetually destabil-
ising force?
Ed Morse is global head of commodities research at Citi
per cent in EM foreign exchange until
year end,” he says.
The other factor is to do with senti-
ment. The EM sell-off has been relent-
less. JPMorgan’s EM currency index,
which measures 10 leading emerging
currencies, has been in decline since the
first quarter of 2011. This year it has
fallen 12.7 per cent, as grim data, includ-
ing the rate of portfolio outflows, the
decline in commodity prices and slow to
negligible growth, have piled up.
Peter Kinsella, head of emerging mar-
ket research at Commerzbank, says
losses across EM currencies in the
“taper tantrum” of the summer of 2013
were “mild” compared with this sum-
mer’s rout.
The market is “still a bit expectant of
more bad news from EM”, says Stephen
Jefferies, head of currencies and EM in
Emea at JPMorgan.
But, according to Marc Chandler at
Brown Brothers Harriman, there is a
sense of “exhaustion” about the decline
in EM. “Like a rubber band, it stretches
Turkey’s lira has so far it’s going to snap back.” It is not
fallen 15% in fundamentals that will trigger a
four months and rebound in EM currencies, he says —
last week broke “it’s psychology”.
through TL3 to EM currency returns are frequently
the dollar underestimated, according to James
Kerem Uzel/Bloomberg
Wood-Collins, chief executive of Record
Currency Management, which advises
on hedging forex exposures.
There is more than one way to look at
EM currencies, he says. The JPMorgan
index is based on the spot rate, but a dif-
ferent picture emerges when interest
rate differentials — or the carry trade —
are added into the mix.
In the carry trade investors borrow in
a currency with a low yield to fund pur-
chases of currencies or other assets that
return more. When this is included,
long-term EM returns are “positive, not
negative”, says Mr Wood-Collins. And
the EM low,“is not an all-time low”.
Calling the bottom of EM is fraught
with risk. The golden age of the carry
trade, 2002-07, was driven by decent
growth differentials between EM and
the developed markets, says Mr Kin-
sella. “Those underlying conditions are
no longer there,” he says.
It is pointless assigning fair valuation
to EM currencies, he adds. The carry
trade, a typical reason investors prefer
emerging markets, relies on low volatil-
ity, and in the current climate the strat-
egy for EM currencies “doesn’t work”.
Carry trades are unwinding, helping
the euro, the yen and other developed
world currencies, while traders look for
further signs of EM depreciation.
“The big surprise is the lack of corpo-
rate defaults in EM,” says Mr Jefferies.
“It may be the next big driver. Causes
of further EM currency depreciation
could include extensions of credit,
reserves depreciating and further politi-
cal instability.”
In a year of wild market fluctuations,
the focus is turning to conditions that
will lead to calmer times. For EM cur-
rencies that means the pain of deep-
rooted economic change. Paul Lambert
at Insight Investment is bearish on EM,
and says there is a long way to go before
these currencies reach bottom.
“What we have to see is a change in
these economies, providing some confi-
dence that the particular currency has
reached a level, or something has
domestically improved to merit an
upgrade in growth forecasts,” he says.
For example the real will weaken until
it leads to changes in domestic policy or
an improvement in the relative compet-
itiveness of the Brazilian economy.
The latest attempt to right the reces-
sion-blighted Brazilian economy came
on Monday, when a R$65bn package of
cuts and tax increases drove the real
nearly 1.5 per cent higher.
But by yesterday the real had given up
its gains. The downward trend — it has
fallen more than 30 per cent this year —
has resumed. How much longer can
the real fall? “As long as it takes,” says
Mr Lambert.

Commodities Currencies

Oil surges following big drop in US inventories Pay data help sterling advance in trading lull
DAVID SHEPPARD
Oil prices surged as much as 6 per cent
yesterday after data showed a sharp
drop in US crude oil inventories,
heightening concerns that months of
low prices are finally weighing on shale
producers.
Nymex West Texas Intermediate, the
US benchmark, rallied almost $3 a bar-
rel to top $47 for the first time this week,
while ICE Brent, the international
marker, rose $2 a barrel to move back
above $50.
The US Energy Information Adminis-
tration said US crude oil inventories had
shed 2.1m barrels. Most of the drop
came at the Cushing, Oklahoma, storage
hub — delivery point of the Nymex
futures contract — where stocks
declined by 1.9m barrels.
Falling inventories come amid
mounting signs that the US shale oil
boom is slowing or going into reverse,
even as world markets remain saturated
by a crude glut that has more than
halved prices from last year’s peak.
WTI’s discount to Brent narrowed to
its smallest since January on Tuesday,
approaching just $1 a barrel, in a move
some traders attributed to tightening
US supplies, even as inventories remain
at high levels.
Analysts at JBC Energy in Vienna said
recent EIA data suggested a large drop
in US output in recent months.
“US shale producers are struggling
and production has already declined
between April and June by 320,000 bar-
rels a day,” JBC wrote in a note, adding
that markets outside the US faced addi-
tional pressures.
“Brent appears to be suffering from
higher Atlantic Basin supplies (west
Africa and North Sea) as well as the
wider macro picture, with concern over
China and consequent trouble in emerg-
ing markets, while European growth
remains anaemic.”
Gains could have been larger yester-
day if the EIA data had not shown a sub-
stantial increase in petrol and diesel
stocks as refiners lifted run rates. Distil-
late stocks, which include diesel, jet
fuel and heating oil, were up 3.1m bar-
rels while petrol stocks increased by
2.8m barrels.
Data yesterday showed a fall in head-
line US consumer prices during August,
the first dip back into deflation for seven
months, which helped the dollar to
reverse its gains.
When the currency weakens, com-
modities, such as oil, that are priced in
dollars are more attractive for buyers
who use other currencies.
ROGER BLITZ
Sterling took advantage of the lull
before today’s Federal Reserve meeting
to make strong gains on the dollar and
the euro, boosted by upbeat data on the
pay levels of British workers.
Much of the forex market has been
marking time this week in anticipation
of the decision on rates, but the pound
was the notable exception.
Its cue was data showing pay rising at
its highest pace for six years. Average
earnings excluding bonuses increased
2.9 per cent in the three months to April.
That sent sterling more than 1 per
cent higher on the dollar, at $1.5506, and
0.8 per cent up against the euro.
Like the Fed, the Bank of England has
tempered expectations of an imminent
rate rise because of uncertainty over the
slowdown in the Chinese economy and
a stubbornly unshifting inflation rate.
Data on Tuesday revealed that UK
inflation had returned to zero in August.
Adrian Owens, an investment direc-
tor at GAM, said the market was pricing
in next August for a UK rate rise, but he
considered that “far too pessimistic”. A
spring lift-off was a better bet.
“The important point is if the Fed
were to hike rates [today], it just rein-
forces to investors and others that the
BoE is unlikely to be too far behind
them,” said Mr Owens.
Kamal Sharma, G10 strategist at Bank
of America Merrill Lynch, agreed that
market expectations of BoE lift-
off in the third quarter of 2016 were
excessive. BofA is calling BoE lift-off in
February.
Labour market data had been the
“dominant driver” for sterling, he
added.
“Given the historical correlation
between the Fed and the BoE tightening
cycles, what moves the dollar through
the Fed will probably move sterling as
well,” said Mr Sharma.
Because it was a more open economy
than the US, the UK could expect the
pound’s appreciation to have “a damp-
ening effect” on inflation, said Mr
Owens.
“Inflation is good cover for the BoE if
it doesn’t want to do anything on rates.
But given the pick-up in wages, we are
likely to see inflationary pressures start
to rise over the next six to 12 months.”
A Fed decision to keep rates
unchanged would probably elicit a
response from the BoE that there was no
need to do anything yet, Mr Owens pre-
dicted. “But with a tightening of the
labour market, it becomes a bit more
tricky to say that.”
Thursday 17 September 2015
TRADING POST
Jamie
Chisholm
Some market analysts might have
been tempted to keep their heads
below the parapet in the immediate
run-up to today’s Fed decision.
Not so UBS. The Swiss bank’s global
macro strategy team this week
delivered a straightforward trade
recommendation: buy 10-year US
Treasuries and sell equivalent maturity
German Bunds.
It’s a spread play. A bet that the
difference between US and German
benchmark yields will narrow sharply.
At mid-session on Wednesday, the
spread was 151 basis points, as
Treasuries traded at 2.26 per cent and
Bunds at 0.75.
UBS expects the spread to fall to
90bp or lower over the next 18 months
What will cause this?
“Europe ‘resynchronising’ with other
developed markets should increase
Euro Area nominal GDP and result in
higher 10yr German yields,” says UBS.
“We expect nominal growth to be
running sequentially at more than 3
per cent by the end of next year with
German yields rising to 2 per cent at
that point and moving higher in 2017.”
But if this does not happen because
of China-induced global disinflation,
the spread could still contract.
Yes, Bund yields will fall back but
UBS expects Treasury yields to fall
more because “the European [bond]
curve is largely priced for this
[disinflation] outcome, while that of
the US is not”.
UBS suggests a stop loss for the
trade at 1.84bp, “just beyond the
spread prevailing when 10-year Bund
yields were at 0.07 per cent in April”.
jamie.chisholm@ft.com
US government bonds spread
over Bunds
10-year yields
Sep 2014 2015 Sep
Source: Thomson Reuters Datastream
London
Fresh round of target
V
speculation enhances
Reckitt’s shine
Bryce Elder
Consumer goods makers were in
demand yesterday after a bid approach
for SABMiller refreshed talk about other
possible targets.
Reckitt Benckiser was among the
beneficiaries on speculation that it
might become a target for Pfizer.
Having last year had its takeover of
AstraZeneca blocked, Pfizer has
reportedly been investigating breaking
up its business. Splitting into two then
buying Reckitt would release Pfizer’s
$40bn of cash trapped overseas and
such an offer would face lower
regulatory hurdles than the
AstraZeneca bid, said Exane BNP
Paribas.
“Our reading of the situation is that a
split is nigh on inevitable and that at
least one part of Pfizer will again have a
burning incentive to seek a tax
Wall Street
Molson Coors froths at
megabrew tie-up talk
Pan Kwan Yuk
The prospect of consolidation among
brewers sent Big Beer stocks soaring.
Molson Coors, the Canadian brewer
behind Coors and Carling, was among
the biggest gainers in the US. The stock
surged 14 per cent to hit a record high of
$82.98 after South African brewing
giant SABMiller said it had been
approached by rival Anheuser-Busch
InBev over a potential $245bn tie-up.
Global overview
Stocks extend gains as volumes
dwindle ahead of Fed rate verdict
Big jump in oil prices lifts
energy sector while US
Treasury bond market
sees calmer trading after
previous day’s sell-off
DAVE SHELLOCK
US stocks extended the previous day’s
hefty gains although volumes remained
light as participants moved to the side-
lines in the run-up to the Federal
Reserve’s interest rate decision.
The Treasury bond market had a qui-
eter session after Tuesday’s steep sell-
off, while the dollar staged a broad
retreat — with sterling a notable winner
after the release of some surprisingly
positive UK labour market data.
And it appeared to be a case of “nor-
mal service resumed” for Chinese equi-
ties as the Shanghai Composite index
rallied hard in the final hour of trading
to close 4.9 per cent higher — erasing
most of the loss incurred over the previ-
ous two days.
That late spike offered some support
to Asian stock markets with the Hang
Seng in Hong Kong rising 2.4 per cent
and the Nikkei 225 in Tokyo ending 0.8
per cent higher.
The better tone spread to Europe,
although much of the day’s 1.6 per cent
rise for the pan-regional FTSE Eurofirst
300 came courtesy of a 20 per cent jump
for brewer SABMiller after news that
Anheuser-Busch InBev was exploring a
takeover of its UK-listed rival.
The FTSE 100 in London rose 1.5 per
cent while the Xetra Dax in Frankfurt
lagged behind with a gain of 0.4 per cent.
Wall Street got off to a slow start but
2.0
buying picked up as the session wore on,
1.8
1.6 with a big jump in oil prices boosting
1.4 energy stocks.
1.2 At the close, the S&P 500 was up 0.9
per cent at 1,995, following a 1.3 per cent
advance on Tuesday.
Inmarsat
Share price (pence)
1000
900
800
700
600
Sep 2014 2015 Sep
Source: Thomson Reuters Datastream
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)76(
&ORVH

FKDQJH

)76(  
)76(  
)76($OO6KDUH  
)76($OO6KDUH<LHOG   does nearly half its business in Africa.
)76()XWXUHV  
\U*LOW<LHOG   help Diageo fund a buyout of LVMH’s
\U*LOW$OO6KDUH5DWLR  
inversion trade,” Exane told clients.
It expected Pfizer to spin off its legacy
pharmaceuticals division in 2017 then
seek a tax inversion either with a
European drugmaker or a consumer
healthcare company.
Reckitt would be big enough to make
the maths work even under tightened
inversion rules, as would Shire —
providing it succeeded with a hostile
offer for Baxalta, said the broker.
And if Pfizer took the path of buying a
drugmaker then it would probably sell
its consumer healthcare business, most
likely to Reckitt, Exane added.
The broker put a £66 target on Reckitt
shares, which rose 2.9 per cent to
£58.55.
The FTSE 100 rose 1.5 per cent, up
91.61 points, to 6,229.21. SAB alone
added 22 points to the index, rising
Speculation that SABMiller could be
looking to adopt a “poison pill” defence
against AB InBev by making a play for a
smaller rival fuelled the run for beer
stocks. American depositary receipts
for Danish brewer Carlsberg gained 6.1
per cent to $15.65 while those for
Heineken, which rejected an approach
from SABMiller last year, rose 2.9 per
cent to $40.59.
Elsewhere, FedEx suffered again after
the US package shipping company
unexpectedly cut its full-year profit
forecast. Citing, among other factors,
weaker-than-expected freight demand
and higher operating costs, it expects
adjusted earnings for fiscal 2016 to be
between $10.40 and $10.90, compared
with its forecast of $10.60 to $11.10.
The profit warning will add to
investor concerns about the health of
the global economy. FedEx is an
economic barometer because it delivers
freight and packages to companies and
people around the world. Shares in
FedEx fell 3 per cent to $149.46. Rival
UPS was 1 per cent lower at $100.08.
Fitbit, the fitness-tracker device
maker, marched 12 per cent higher to
★★★ FINANCIAL TIMES 33
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 0.87%
2100
2000
1900
1800
Aug 2015 Sep
Others noted rumours that China US equities Energy stocks led the S&P
might have been selling some of its vast 500 higher as oil prices rose, although
reserves of Treasuries. there was a nervous undertone to the
But Anthony Karydakis, chief eco- market as a two-day Federal Reserve
nomic strategist at Miller Tabak, found policy meeting got under way
that argument wanting because the sell-
off was apparent right across the yield FTSE 100 index
curve. Change on day 1.49%
“China’s Treasury holdings are heav- 6600
ily skewed toward longer maturities and 6400
one would have normally expected to 6200
see a significant steepening of the cou- 6000
pon curve as a result of any substantial
5800
such action,” he said. Aug 2015 Sep
On Wednesday, the two- and 10-year
yields were both up 1bp at 0.81 per cent UK equities SABMiller leapt 20 per
and 2.30 per cent respectively. cent, helping to push the FTSE 100 to
There was relatively little impact on a one-week high, after rival AB InBev
the fixed income market from the day’s said it was exploring a takeover of the
main US data release, which showed the UK-listed brewing group
headline consumer price index inching
down 0.1 per cent last month, and “core” Eurofirst 300 index
inflation edging up 0.1 per cent.
Change on day 1.64%
The August data left both the headline 1500
and core annual inflation rates
unchanged at 0.2 per cent and 1.8 per 1450
— Kevin Lamarque/Reuters
cent, respectively. 1400
An inexplicable bond sell-off: FT.com/video But the dollar was weaker following
1350
John Authers shows how reduced liquidity has fuelled fears the CPI figures, falling 0.2 per cent
Aug 2015 Sep
over what may happen when the Federal Reserve raises rates against a weighted basket of peers. The
US currency’s softer tone helped sup- European equities The Eurofirst 300
port gold as it climbed $13 to $1,118 an rose for a second successive session as
The latest move left the US bench- others, such as inflation, that suggest ounce. the mood was lifted by merger and
mark 6.9 per cent up from the low the Fed should be cutting,” said Gary The euro was up 0.1 per cent at acquisition activity in the brewing
reached during August’s bout of Jenkins, chief credit strategist at LNG $1.1277 while the pound jumped 1 per sector and further gains for US stocks
extreme turbulence, but still 6.5 per Capital. “Others such as GDP, are kind of cent to a three-week high of $1.5488.
cent short of May’s record high. neutral.” The initial catalyst for sterling’s
The CBOE Vix volatility index, the so- In any case, Tuesday’s sharp — and strength came from data showing that Nikkei 225 index
called equity “fear gauge”, continued to largely unexplained — slide in US gov- wage growth in the UK had reached its (’000) Change on day 0.81%
21
fall back towards its long-term average ernment bond prices, which drove the fastest pace in more than six years. 20
of 20 as it shed more than 5 per cent. two-year Treasury yield to its highest Further support came as Bank of Eng-
19
However, analysts cautioned that the level in more than four years, hardly land policymakers emphasised that the
18
improvement in equity sentiment this seemed consistent with expectations for recent turbulence in markets should not
week did not reflect any overt shift a “no change” Fed. change the central bank’s thinking. 17
towards the view that the Fed would Some in the markets cited the day’s Oil prices jumped after data showed Aug 2015 Sep
hold its fire for now. US retail sales data as a factor behind the an unexpected drop in US crude inven- Japanese equities Overnight strength
“It is a very close call because there sell-off, although most acknowledged tories last week. Brent settled 4.2 per on Wall Street helped drive the Nikkei
are some indicators that support a rise that — at best — they pointed to a some- cent higher at $49.75 a barrel. higher although volumes dwindled
from this starting point, such as what uneven pace of consumer spend- Copper rose 0.6 per cent in London to ahead of the Fed’s rate decision
employment data, whereas there are ing growth. $5,380 a tonne.
19.9 per cent to £36.14, after the brewer
confirmed speculation that it had been Trading Directory
approached by AB InBev about a $275bn
takeover offer.
Other consumer staples makers to
gain included Unilever, up 2.3 per cent
to £26.39, and British American
Tobacco, ahead 3 per cent to £35.75.
Diageo, long thought to be among SAB’s
likely targets if it was seeking to repel
InBev, gained 1.9 per cent to £17.78.
Analysts see SAB as the most likely
buyer if Diageo is pressed into selling its
Guinness division, which accounted for
a fifth of its group sales last year and
They argue that the cash gained might
Moët-Hennessy joint venture, should
LVMH ever want to sell.
Diageo reiterated sales and margin
guidance, including a 3 per cent organic
growth target for the current year, in a
meeting with Kepler Cheuvreux. The
Smirnoff vodka maker has a fiscal first-
quarter update due by mid-October.
Satellite operator Inmarsat was down
2 per cent £10.01 on a downgrade to
“sell” from Berenberg.
Investors had priced in contract wins
for Inmarsat’s recently launched Global
Xpress network without taking into
account increased competition in
maritime and aviation tracking, it said.
Mondi dropped 4.7 per cent £14.09
after Goldman Sachs added the
packaging maker to its “sell” list.
Commodities group Glencore
bounced 5.2 per cent to 134.7p after
completing its $2.5bn equity placing at
125p apiece.
$37.05 after Target said it would offer
the company’s wearable devices to its
335,000 employees.
Oil companies Chevron and
ExxonMobil added 2.5 per cent and
2 per cent respectively after oil prices
climbed for a second successive day.
Hewlett-Packard enjoyed its biggest
one day gain in three weeks after the
technology company, which is in the
process of splitting itself into two
separate entities, said it planned to cut
as many as 30,000 jobs. The cuts, that
aim to put its new enterprise business
on a stronger footing as a standalone
company, come on top of 54,000 jobs
that have already gone over the past
three years.
The stock jumped 5 per cent to $28.47
— although it remains down 29 per cent
this year.
The wider market edged higher ahead
Trading Directory
of the Federal Reserve two-day policy
meeting concluding today. FT BUSINESS
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34 ★ Thursday 17 September 2015

SMART MONEY Analysis. Commodities

John
Authers
Oil futures move fuels up China’s ambitions
Shanghai energy exchange Buying power

When conditions plans international contract

to serve as Asia benchmark
Brent-Dubai spread
$ per barrel
Jun 2014
Brent crude
Sep 2015
Saudi Aramco, the kingdom’s

call for caution, a good futures peak at state-owned company, moved 5

Aug 2015
$115 a barrel Chinese traders record away from pricing its oil for export
ANJLI RAVAL AND DAVID SHEPPARD away from the Dubai crude curve
Cape has multiple uses
volumes of crude,
pushing up the price in response to China buying
During the past decade China has
of Dubai physical oil 4
emerged as one of the most important
forces in the global oil market, vying compared with future
with the US this year to be the world’s Jan 2015 months and creating a
backwardated market.

C
ape. What is it good for? A new book is forth- biggest importer of crude. Chinese oil traders buy
coming from Robert Shiller, Yale university’s Now Beijing wants a bigger role in 71% of all cargoes in ChinaOil buys 72 out 3
Nobel laureate economist, and US stocks are pricing the barrels it buys, using its the Dubai market over of 78 cargoes in
wobbling. That adds up to a frisson of anger growing muscle to pull power away the next eight months another buying spree
over Prof Shiller’s cyclically adjusted price/ from traders and exchanges in New
earnings multiple, universally known as Cape. York and London. 2
He famously used it in a 1999 book to show that US The Shanghai International Energy
stocks were in the grip of their biggest bubble. Cape Exchange, known as the INE, aims to Oct 2014
showed further relevance by persistently signalling that launch its first international crude oil Bumper buying by
US stocks were overpriced during the credit-fuelled fools’ contract this year, in a move it hopes will Chinese traders.
ChinaOil alone takes 1
rally from 2003 until the credit crisis started in 2007. eventually establish an Asian bench-
However, for five years it has remained stubbornly mark for oil deals. 47 out of 49 cargoes
above its long-term average, suggesting people should If successful, China will not only win a
think twice about staying in the stock market, and the US slice of the trillion-dollar oil futures
market has continued to rise. Cape has counselled caution business but could also increase its 0
for most of the past quarter-century — a period that influence over a market it perceives as Jan 2014 2015 Sep
included two momentous market crashes but in which often favouring western oil companies FT graphic Source: Thomson Reuters Datastream
there was still plenty of money to be made. and the Opec nations.
So I should not have been surprised that my weekend “It is part of the Chinese dream to be a
interview with Prof Shiller provoked more than 100 com- 100 per cent player on the world stage,” ‘This contract have backed China-based commodities WTI. It will be traded in renminbi, State-backed traders have dominated
ments on FT.com, many laced with contempt and anger. said Dave Ernsberger, global oil director futures contracts such as for iron ore. something larger traders say increases the Middle East’s most important pric-
Must Cape join other Nobel-garlanded financial con- at Platts, which operates the main trad- can expect It is also aiming to create the first Chi- risks given currency fluctuations. ing mechanism for the past year as oil
cepts that have been ridiculed since modern investment ing process for pricing Middle Eastern to see high nese commodities market fully open for An Oxford Institute for Energy Stud- prices have plunged. Last month China-
techniques failed in the 2008 crash? crudes destined for Asia. trading trading to foreign investors in a bid to ies paper in July argued that China’s oil Oil, the trading arm of PetroChina,
Not necessarily, but some grasp of what Cape can and “It is absolutely the vision to have rival IntercontinentalExchange’s Lon- futures contract was a bet on deregula- bought more than 90 per cent of Oman,
cannot do is important. By adjusting for the earnings cycle, their commodity markets priced as volumes don-traded Brent crude contract, the tion of its financial system, a process Abu Dhabi and Dubai cargoes in Platts’
it is far more useful than a trailing or one-year earnings much as possible off of Chinese refer- from day global benchmark, or CME’s US marker, that has been called into question by the price assessment process, the biggest
multiple. A high multiple of earnings at the top of the cycle ence contracts whenever they can.” one’ West Texas Intermediate. recent rout in equity markets. such buying spree to date.
is much more concerning than State-backed traders have demon- “Initially and in the short term it will But as oil flows shift east, traders are Saudi Arabia, which normally looks
a high multiple that is merely strated their growing clout in the buying be about having a pricing point domesti- watching closely to see if Beijing has the to Platts’ Dubai benchmark when set-
taking account of a likely
No one should and selling of physical oil in the Middle cally,” says Michal Meidan of the China determination to win over traders and ting its own selling prices, largely
improvement in earnings as use Prof Shiller’s East, taking a record number of cargoes Matters consultancy. “But in a few years powerful Middle Eastern producers. ignored it this month to avoid making
the cycle turns. Because earn- in August. But Beijing also wants to it will be important symbolically for “This contract can expect to see high its crude uncompetitive.
ings are ultimately what
measure as a increase its influence in paper markets China to have its own benchmark as it trading volumes from day one, given the Mr Johnson says China’s growing
shareholders are buying, this reason to exit at home and abroad. becomes a bigger energy power.” tremendous liquidity in the onshore influence could be felt even more keenly
deserves a lot of weight when The INE will not just rely on state- Details of the contract are hazy, but futures market and the strong support should the new futures contract suc-
assessing valuation.
stocks entirely backed traders to get behind its futures industry sources say it appears to be tar- of the Chinese authorities,” says Owain ceed. “The question for producers in the
But valuation is of no help contract, however. At a meeting in Sin- geted at a domestic audience and small Johnson, managing director at the Middle East is whether or not they are
in market timing. Nobody should be using a high Cape as gapore last week, the exchange detailed independent Chinese refiners. Dubai Mercantile Exchange. “But it will prepared to see the price of oil set in
a reason to exit the stock market completely. That is sim- how it hoped to tap the firepower of The contract size is for 100 barrels, take time to be accepted as a representa- Shanghai,” he says.
ply too risky. And Prof Shiller has never suggested doing deep-pocketed domestic investors, who compared with 1,000 for Brent and tive price for international trading.” Additional reporting by Neil Hume
such a thing.
What are its uses then? As a predictor of 10-year returns
it is, to use the words of Rob Arnott of Research Affiliates,
“breathtakingly powerful”. Arrange Cape by deciles since Capital markets
1871, and the relationship is perfect: the higher the Cape
when buying, the lower the subsequent 10-year return. A
high Cape is a good indicator to take at least some profits.
As for where to reinvest those profits at a time when low
FT survey shows close
interest rates make it hard to invest in anything other than
stocks, again Cape might help. One use that Prof Shiller
call on Fed rate rise
plainly does endorse for Cape, given that he has backed
exchange-traded notes using it that bear his name, is to
allocate between economic sectors. ERIC PLATT — NEW YORK the start of the year, concerns
His idea is simple but effective: buy those sectors that of a corporate profit reces-
have a Cape cheaper than their historic average, and avoid As policymakers at the Fed- sion — in which earnings fell
those that look expensive compared with their norm. In eral Reserve began their for two consecutive quarters
the US this produces a fund that holds four out of the 10 two-day meeting yesterday, — and lacklustre inflation
main economic sectors, with a 25 per cent weighting each. economists on Wall Street had kept the Fed from mov-
The note, offered by Barclays, has been on the market refined their final forecasts ing, several economists who
almost three years. As of the end of July it held healthcare, and were divided on spoke to the FT said.
consumer staples, information technology and industrials whether the central bank The central bank faces dif-
— which came, respectively, first, third, fifth and seventh would raise interest rates ferent constraints at its cur-
out of 10 over the previous 10 years. for the first time in nearly rent meeting, however.
Over its brief history, far too short to draw firm conclu- a decade. While inflation remains
sions, the note has beaten the S&P 500 by slightly more Slightly less than half of below the Fed’s stated target
than a percentage point per year, with a total return of economists surveyed by the of 2 per cent, the labour mar-
50.6 per cent. This is not bad — particularly as healthcare, Financial Times expect the ket has been robust: nearly
the star performer of the past two years, does not look US central bank to shift 1.7m jobs have been created
remotely cheap on its conventional one-year multiple. the current near-zero band since this year.
Another possibility is to use the same approach for for overnight rates higher Instead it is sharp gyra-
choosing between geographies. Research Affiliates pub- when it concludes its two- tions in financial markets,
lishes Capes for large world stock markets. US Cape is at 27 day policy meeting today. sparked by a weakening of
compared with a median of 16. The only other markets About 47 per cent of the 30 the Chinese economy, that
with Capes above their long-term average — and in all economists polled by the FT could keep policymakers
cases marginally — are Hong Kong, Switzerland, Taiwan said the Fed would move, at from lifting rates.
and South Africa. So US investors worried about overvalu- a time of intense scrutiny “A sharp slowdown in Chi-
ation at home who can afford to take a 10-year view can over its policy intentions nese growth was the most
take evasive action by investing almost anywhere else. against a backdrop of falter- important risk to the US out-
Used this way, Cape looks like a good way to improve ing global growth, led by look,” said Michael Gapen,
returns. Meanwhile it continues to suggest we should treat China and emerging mar- an economist with Barclays
the US stock rally of the past six years, which appears in kets, and heightened finan- who does not expect the Fed
any case to be running out of steam, with extreme caution. cial volatility. to increase rates until March.
The economists’ stance “Delaying the start of the
john.authers@ft.com represents a striking shift tightening cycle to offset
from the start of the year, tighter financial conditions
when the vast majority of seems prudent at this stage.”
forecasters polled by The economists who
Bloomberg and Reuters said responded to the survey
they thought the Fed would offered a range of outcomes
More comment and data on ft.com raise rates by its June policy for when so-called lift-off
meeting. might occur. While none
Meanwhile interest rate forecast a rate rise in Janu-
Y Fast FT Our global economies, headed futures indicate only a 30 per ary, several said the Fed
team gives you market- by Brazil, Russia, India cent chance that the Fed will could wait until as late as
moving news and views, and China. tighten policy this week. March or April.
24 hours a day, five days ft.com/beyondbrics The futures market has Several circled October in
a week. ft.com/fastft played down the chance of their calendar, a meeting
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a tighter policy this year, and many traders and econo-
irreverent financial blog. look at what is driving in turn lowered the expecta- mists have cast doubt on
Join Paul Murphy and the global currency tions of many economists. because the central bank
Bryce Elder for the daily market. ft.com/podcasts But this week tension has does not plan to hold a press
Markets Live session at infused short-term Treasur- conference after its October
Y Lex Video Analysis ies ahead of the meeting, meeting.
11am. ft.com/alphaville
and opinion from the with the two-year note rising Nonetheless, economists
Y beyondbrics News and team on the hot issues briefly above 0.80 per cent, who spoke to the FT said
comment from more affecting companies and its highest level since April they saw roughly 50:50 odds
than 40 emerging markets. ft.com/lexvideo 2011. — a “toss-up”, as strategists
Weak economic activity at with Nomura put it.
 EXECUTIVE
APPOINTMENTS THURSDAY 17 SEPTEMBER 2015

www.ft.com/recruit www.exec-appointments.com Twitter: @carola_hoyos

Inside
Keeping staff happy helps keep staff In a Blink
Most UK workers enjoy
their job even though
Millennial v Boomer Brynne Herbert says HR chief is a crucial role, but Mrs Moneypenny says the job is too important for one person they suffer burn-out
PAGE 2

The best decision I
ever made was to
hire a VP People
and Culture (tech
company-speak for
head of human
resources) as
employee
number 20.
True, this is the
antithesis of today’s
lean and un-bureaucratic technology
company. Many of our peers do not
hire an HR person until much later.
But millennial employees are making
up an ever larger share of the global
workforce. More than nine out of 10 of
them expect to stay in a job for less
than three years, according to Jeanne
Meister of Future Workplace, the HR
consultancy. This means it is the chief
executive’s job to build a company at
which they will want to stay longer.
Corporate culture is everything to us,
because millennial employees are free
agents with eyes and ears open for the
next big thing.
Our VP People and Culture leads all
of the traditional HR activities —
benefits, payroll, employment
contracts — but most importantly for
today’s millennial employees, she also
manages our company
communications (across three
continents) — town halls, social events,
off-site meetings, learning initiatives,
physical office space, morale and much
more.
She is responsible for employee
engagement, work-life balance — and
she really thinks every day about how
to create the best culture and
environment for our staff.
In management consultant-speak,
this is today’s competitive advantage.
And an early hire in People and Culture
is critical to this.
Culture starts with a chief executive,
or more often at tech companies, a
founder, whose personality, values and
style are indelibly linked to the
company they start and lead. But the
head of a fast growing company is busy
beyond words. Often we miss lunch,
Cocktail hour: employee engagement increases loyalty and reduces defections — Alamy
friends’ birthdays, and, were it not for
excellent executive assistants, many
other things.
So we need right hand people to
share our vision and values and to
translate them into rituals and
regimens that keep our best staff
Millennial engaged and sticking with us. This is
employees the true art of building a company.
are free And this is the true art of modern
human resources.
agents with So, yes, hiring our VP People and
Culture as employee number 20 is the
eyes and best decision I have made in building
ears open my company. Hands down.
for the next Brynne Herbert, a millennial, is founder of
big thing Move Guides, a start-up that helps
companies relocate staff globally
paid a salary, and at the end of the year
we share any profit, so we stand and Workplace Haiku
fall together. This prevents a sales-led A quiet poem about the
focus. kindness of a colleague
Dan Ariely, the author of Predictably
Irrational, made the valid point in a wins this week’s contest
Harvard Business Review article that if PAGE 2
you don’t measure what you value, you
will only end up valuing what you Careers Counsel
measure. I want to make sure that we
measure what matters to our culture, Advice for a woman
and the best way of doing that is on reaching the top
remaining in charge of all people- in the male-dominated
related decisions and initiatives.
Sure, as we grow, I can’t do it all. I technology sector
have long since stopped worrying PAGE 3
about forgetting friends’ birthdays and
even wedding anniversaries, and only At Work with the FT
cook meals at the weekend.
Our next hire will be someone to Entrepreneur,
work with me and share my load, but it Emmanuel
is a finance director, not a head of HR Eribo on
— the latter is too precious for me to
pass elsewhere. being a man
Others support me with the in women’s
processes and paperwork and we are shoes
installing a new cloud-based HR PAGE 3
system that I (and others) can access
everywhere. But I expect everyone,
especially the more senior staff, to
share responsibility for the people and
the culture rather than handing it to Stern on Boards
one person alone.
This month, we welcomed a new It is time for an open
employee — not number 20, more like and robust debate
Thirty-three years and 120 over the course of our existence. on a new approach
we still do not have She is — rare for us — someone
one; six offices and experienced in our industry, and has to compliance
about 45 staff, and no come from a large company where they PAGE 3
VP of People and definitely have an HR function.
Culture, human I have explained that in our much Women in Business
resources head or smaller business, finding and growing
talent director. Culture the right people — for ourselves — is Our latest report with
This may seem starts at the the only thing that matters. And that our list of top 10
surprising — after
top. I am the this is as much her responsibility as male feminists is at
all, we are in the talent business mine. www.ft.com/women-in-
ourselves — but it is a deliberate VP People Maybe this is a generational thing, business
strategy. but I think it is too important to be left
I agree with Brynne that culture and Culture, to one person. To misquote Richard
starts at the top. That is why I am the rather than Nixon (and several others): “We are all Follow us
VP People and Culture, rather than VPs of People and Culture now’.”
delegating the role. My biggest delegating Online at ft.com/recruit
contribution to this is maintaining our the role Mrs Moneypenny is a boomer and owns and twitter
no-commission strategy; everyone is and runs an executive search company @carola_hoyos
2 ★ FINANCIAL TIMES Thursday 17 September 2015

Executive Appointments

Career Counsel You need perseverance In a Blink: labour of love

to reach board level in tech industry How do you feel Satisfied or very
about your job? satisfied with
I work at a technology business and am established, you can then forge a work-life balance
Survey of 1,006
keen to get to board level, but how do I go “personal awareness plan”, based on the full or part time
about doing this in a predominantly male contribution you can make to your 62%
environment? company.
Second, networking is invaluable.
workers in the UK,
Jun-Jul 2015 7% Haiku at Work
Sue Holly-Rodway, senior director, at Meeting and learning from others who Hate it Weekly Competition
VMware, a software company, says: are in positions that you would like to
Women making it to the “top of the
shop” has been a hot topic for some
time. And we still have a long way to go.
reach is a great way for you to
understand what you will need to do.
Go to industry events and social
26% This week’s winning poem
“perfectly captures the concept of
Love it Dissatisfied
When you look at information gatherings with peers. Look for ways to
technology in particular, there is an
obvious imbalance. Just 17 per cent of
speak on stage at these events.
Finally, join or even run mentoring
24% with work-
life balance
kindness without ever having to
say the word”, notes Jim Kacian,
founder of the Haiku Foundation
tech jobs in the UK are held by women, schemes. This will not only help Feel mediocre and our judge.
according to a report by Lady Geek, a progress your career but also the careers about it The theme was the kindness of a
consultancy, and the number of women of female colleagues. colleague and the winning poem is
who hold the very top jobs is smaller I have coached talented young women by Ernesto Santiago:
still. over the years, so they have the
So, reaching board level is a challenge. opportunity to reach their potential. 17% in the night rain
However, do not despair. Many tech Sometimes, even a casual meeting can someone’s umbrella
companies are working hard to improve help a colleague rethink how they are over someone
gender diversity. approaching their career goals.
The best solution is collaboration, Working in the male-dominated Sometimes feel The runner up, by David Dayson,
support, sponsorship and partnership world of IT has its challenges, but it is burned out takes the reader to a very different
between women and men across the
organisation. They must share a
also a fast, dynamic, exciting and
innovative place to be.
The industry is crying out for talented
43% in their jobs setting.

common belief in the value of gender Like it 66% pressure sores —

diversity at all levels and want to make it
a reality.
First, be very clear about what your
individuals — male and female — so
there are many opportunities, even at
board level.
69%
of UK workers
a weight lightened
by kindness

own value is: what is it about you at the
board level that is really going to have a
positive impact on the business results?
Work with a mentor or coach who can
help you to define that. Once
You will need determination — The next theme is “after failure”.
perseverance is the name of the game. enjoy their job Send entries to
workplace.haiku@ft.com; details at
Send queries to Janina Conboye at ft.com/haiku
FT graphic Source: CareerBuilder.co.uk
workplace.questions@ft.com
Thursday 17 September 2015
Night in drag sparks an idea in women’s shoes
At Work with the FT
Emmanuel Eribo
Co-founder, Butterfly Twists
As men who do not wear
what they sell, the founders
have to listen to customers,
Helen Barrett learns
E
mmanuel Eribo is rearrang-
ing a display of women’s bal-
let pumps — a sweetshop
array of shoes fanned out on a
table in his west London
offices. Some are laden with jewels,
some sport a bright-red zebra pattern,
others zingy metallic leather.
A few curl up like hedgehogs, making
them easy to slip into a handbag for
women who would rather commute in
comfortable shoes and put on their
power heels once arrived at the office or
the party.
“There’s a time and a place for
ballerinas,” the 32-year-old entrepre-
neur asserts with the breezy tone of an
agony aunt in a fashion magazine. “It’s
when you want to move, when you want
to get something done. We can help you
do that.”
Mr Eribo concedes that he will never
experience the joy of a comfortable pair
of women’s shoes — but from a market-
ing point of view, he probably under-
stands their appeal more than the
legions of women who wear them.
He founded Butterfly Twists in 2009
with his brother, Frank, and two school
friends, Mark Quaradeghini and
Philippe Homsy, “as a bit of a hobby
from a kitchen table”.
The company sold nearly 1m pairs in
52 countries last year — Japan, Spain,
China and Germany are among its big-
gest markets.
This year, it expects to turn over
£7.5m, up from £6m the year before.
Pentland Brands, the private owner of
clothing brands such as Berghaus,
Hunter and Ted Baker Footwear, took
a 33 per cent stake in Butterfly Twists
in 2012, and there are hints of further
interest. “We are definitely being
courted,” says Mr Eribo.
The idea for Butterfly Twists was
born after the four founders, then in
their mid-20s, went to a fancy dress
party in drag — complete with four-
inch women’s platform shoes.
“These were power shoes,” he
says. “But it was really painful. We
couldn’t understand, because as
guys, we choose shoes 95 per cent of
the time on how they feel, and 5 per
cent on how they look. We couldn’t
believe there was such disparity
between comfort and fashion. So we
said, is this something we could take a
shot at?”
Their initial concept was simple:
shoes that women could fold up and
On the desk
Sitting on Mr Eribo’s desk in the middle of
Butterfly Twists’ open-plan office is a
large brown box. It contains a seasonal
distributor pack for Ted Baker Footwear,
Butterfly Twists’ sister brand within the
Pentland portfolio.
Mr Eribo has been poring over its
glossy contents. “We work very closely
with the guys from Ted Baker,” he
explains.
“This is some of the marketing stuff
they present every season. It gives us an
insight into how we can do better.
We need to talk about compliance
STERN ON BOARDS
Stefan
Stern
The process by which a company is
directed and controlled — this was the
simple definition of corporate
governance offered by Sir Adrian
Cadbury, the eminence grise in this
subject area, who died this month
at the age of 86.
His report more than two decades
ago started a process of reform that has
led to today’s Combined Code. In
theory, public companies are free
either to comply with the code or
explain why they have chosen not to.
But the widely held view at a seminar
last week at Cass Business School in
London was that governance today, at
least in the UK, involves too much
compliance, with little room for boards
to do things their own way.
Good intentions lie behind the
‘We couldn’t believe there
was such disparity between
comfort and fashion. So we
said, is this something we
could take a shot at?’
“So we look at this stuff and say: ‘This is
incredible, why are we not doing
this?’.”
The pack is a tool for
retailers and agents; a
visual guide to the range
of shoes for the Ted
Baker Footwear brand’s
distributors around the
world.
Butterfly Twists
produces a guide, too, but
Mr Eribo is more impressed
combined code. It is a rational
document, based on evidence,
experience and serious reflection. It
was widely consulted on. Scandal, crisis
and corruption have made regulatory
intervention necessary.
And yet. At the end of this journey,
launched 23 years ago by the urbane
and insightful Sir Adrian, the outcome
seems unsatisfactory.
Can one code fit companies of
different types and size at different
stages of their development? Has the
emphasis on compliance distracted
from the task of raising performance
and being more successful? And would
a greater emphasis on the purpose of
the corporation, led from the top, help
cut through the bureaucracy and
decode the code?
One participant in the seminar
reminded us that the 2006 Companies
Act contains a list of seven core duties
of directors — not everyone was able to
recall them unprompted — which set
out some uncontroversial-sounding but
nonetheless vital tasks. These include
to promote the success of the company,
to exercise independent judgment, and
★ FINANCIAL TIMES 3
Executive Appointments
carry in their bags to change into when able,” Mr Eribo remembers.
they could bear the pain of heels no They pressed on, salvaging a quarter
longer. They wanted to solve a problem, of the consignment for online sales,
and make “shoes as practical as an
Career Clips eventually making back about £20,000.
umbrella”, says Mr Eribo. “But we found “The time and effort in selling those
women were wearing them all day.” If you had to do it all again, what shoes brought us down. We knew the
All four founders were working in the would you do differently? concept worked, but we hadn’t made
City of London while trying to get the We should have stayed on top of any money. We lost time and it was
company off the ground — Mr Eribo, a our suppliers, ensured they really painful.”
psychology graduate, worked in busi- understood the importance of So instead of quitting their jobs, they
ness development for the investment quality and personally inspected carried on for another year and a half,
banking arm of HSBC — and “pored over the inventory before shipping it. working on the shoe concept at nights
Mintel reports in the evenings and and weekends, saving up all over again.
weekends”. But why would ambitious What advice would you give The next time, Mr Eribo says, they
men give up well-paid jobs to devote would-be entrepreneurs? were smarter: “We invested far more
their lives to women’s fashion pumps? Get your idea, then identify what time building relationships with facto-
“We were all anxious to quit, because makes you different from ries, and a network for how we would
the corporate ladder is not as interesting everybody else. Just get stuck in. promote and distribute the shoes.”
as your own ladder,” says Mr Eribo. “We The consignments were better, and
started week nights, eventually week- Who influenced you? Butterfly Twists were a hit with buyers
ends, investing our own money — not My parents: entrepreneurs who at trade fairs. “Orders were coming in
borrowed. We weren’t spending on holi- started in the care home business and it was incredible. That’s how we
days and boozing. Instead, we did this.” in 1996 and built nine care homes. landed international partners and made
They were both medical doctors by a real dent in the market.”
training, and I saw first-hand the But again, he says, their naivety let
amount of pleasure they had them down as they were unable to fulfil
through their work. They taught all the orders. “We’d gone out there, we’d
me that you could be paid well and sold, we’d marketed. It looked fantastic.
enjoy what you do. Everybody was interested — and then
we couldn’t deliver. We were taught a
Would you sell up and start again? lesson.”
No, we’re having far too much fun. One of the problems, he says, was that
There will be a time, but now our Butterfly Twists was still a hobby. But by
focus is on achieving what we set 2011, they had turned over £1m and one
out to do: to build a shoe business by one the founders felt secure enough
and make a significant dent in that to leave their jobs.
market. Today, the collapsible shoes concept
of Butterfly Twists’ early years has been
replaced by a wider offering, including
Wellington boots with knitted cuffs and
The early years were problematic, trainer-like walking shoes. The brightly
with the team of four wildly ambitious coloured autumn and winter collection
and enthusiastic but “naive”, and with is lined up in rows, crammed along the
no experience of the fashion or footwear windowsills and piled up on the floor.
industries. The fact that they are all women’s
Their first consignment of shoes, with shoes and Mr Eribo and his partners are
which they hoped to build the brand, all men has been an asset, not a hin-
was a disaster. The four had placed an drance, he says.
order with a Chinese manufacturer for Focus groups are integral to the
40,000 pairs worth £48,000 — an brand. The company founders regularly
investment they raised with savings. invite the women they know — includ-
“The first container came over, we ing Mr Eribo’s wife and even the local
were ready to go, about to quit our jobs. waitresses — to criticise new collections.
But when we opened it, the level of “What we think is irrelevant. We have
quality we had agreed with the factory to listen as much as possible to the con-
just wasn’t there. sumer,” says Mr Eribo. “So maybe some-
“Some were fine, but most were unus- how that gives us an edge.”
with Ted Baker’s offering, and he is
momentarily distracted by a growth
chart within its pages.
“It’s about making sure
the brand is fully
understood every
season. They put all the
assets in here and it’s
really easy to digest in
a visual way,” he says.
“This is what we are
looking to emulate.”
Helen Barrett
to exercise reasonable care, skill and
diligence.
As with Sir Adrian’s emphasis on
direction and control, these
deceptively simple statements in fact
demand high levels of competence and
commitment. They also call for
effective collective action in the
boardroom.
Sir Adrian himself was reluctant to
be overly prescriptive. He thought that
people would behave well in general if
given the right sort of encouragement.
He was not a great advocate of a
compliance-driven world.
“We should try to establish a set of
standards and a structure that will
give the best protection against the
wayward, but there is no absolute
protection. That’s part of life,” he said.
A fitting monument to Sir Adrian’s
life might be an open, full-throated
debate about: whether compliance has
gone too far; what intelligent, less
intrusive regulation would look like;
and how we can continue to protect
“against the wayward” without
stopping businesses from taking risks,
making money and thriving.
4 ★ FINANCIAL TIMES Thursday 17 September 2015

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